Cameron Euan (dir.

), El siglo XVI, Crítica,

Barcelona, 2003.
Cameron E. (ed.), El siglo XVI. Crítica, Barcelona, 2006.
 !?""J. 't' �- . . \:1

J3. lb& �.,.',.: "'t.'"

Eugenio Garin
Gf1,
r l

EL RENACIMIENTO
ITALIANO

- YfAvt�� -I-�
1 1-/ C? 1 1"�

EDITORIAL ARIEL, S. A.
BARCELONA
 ADVERTENCIA

El volumen que aquí presentamos, sin modificación alguna,

fue compilado en 1 940 y publicado en italiano en setiembre de
1 94 1 . Se agotó en seguida y a pesar de ello nunca se hizo una se­
gunda edición. •
Fue confeccionado para la colección «Documenti di Storia e
di Pensiero Político» que dirigía Gioacchino Volpe y apareció
editado por el lstituto per gli Studi di Política Internazionale
(l.S.P .l.} de Milán, dirigido por Pierfranco Gaslini, quien, en el
verano de 1 94 1 , tenía también a su cargo la «Biblioteca Storica»
Título origlnlll:
de Adolfo Omodeo.1 En los «Documenti» de Volpe habían apa­
JI Rlnasclmento Italiano recido ya, entre otros, los volúmenes de A. C. Jemolo, de Luigi
dal Pane, de Ettore Rota y de Franco Valsecchi, para mencionar
Traducción de sólo algunos nombres. Volpe se dirigió a mí para esta compila­
ANTONI VICENS ción, aun cuando por aquel entonces yo me había ocupado sobre
todo en la historia de la Ilustración inglesa. Cierto es que antes
Diseño colección: Haos Rombcrg de eso había publicado, además de un libro sobre Giovanni Pico
della Mirandola, algunos ensayos y, en particular, un artículo so­
1 !' edición: marzo 1986
bre el tema de la «dignidad del hombre» durante los siglos xv
casa editrice L. Cappclll spa., Bolonla
y XVI, que había aparecido a finales de 1938.2
© 1980: Nuova
La proposición que me hizo Volpe me dejó algo perplejo;
Derechos exclusivos de edición en castella
oo tanto es así, que el 29 de junio de 1940 tuvo que volver a pedír­
reservados para todo el mundo melo, y lo hizo en los términos siguientes: «( . . . ) saber con alguna
y propiedad de la traducción: precisión -me escribía-, y de viva voz de los contemporáneos,
© 1986: Editorial Arlel, S. A.
Córcega, 270 08008 Barcelona
-

• La preseme edición es la primera edición en castellano. (N. del Ed.)

ISBN: 84-344-1057-5
Depósito legal: B. 5.427- 1986
Impreso en España
el dlsedo de la cubierta, �uede ser re·
Ninguna parte de esu pubUcaclón, Incluido
alguna ni por nlogun medio, ya
producida, almacenada o transmitida e n manera
grabación o de fotocopia, sin permi·
sea et�ctrico, químico, me�co, óptico, de
so previo del editor.
l. Acerca del l.S.P.l. y sobre las relaciones que existieron entre Omodeo y Gaslini, cf.
Corteggio Croce-Omodeo, edi1ado por Marceno Gigante, Nápoles, 1978, pp. 169 y ss.
2. «La dignitos hominis e la leueratura patrística», Lo Ri11oscíta, 1 (1938), pp. 102-146.
El volumen sobre Pico de la Mirándola, remitido al editor en 1934, a causa de diversos moti­
vos, entre ellos las dificuhades de 1935 como consecuencia de la guerra de Etiopía, apareció
en 1937; Kristeller habló de ese libro en seguida (Giornale Critico del/a Filosofia Italiana,
19 (1938), pp. 374-378). También en 1938 lo tomó Cassirer como punto de panida para un
amplio ensayo (cf. Daii'Umanesimo a/1'11/uminismo, La Nuova Italia, Florencia, 1967, pp.
42·116, y, en forma abreviada, Journal of the History oj Ideas, 111 (1942), pp. 123-144,
319-346). Es en este marco imerpretativo donde habrán de ser colocadas, para emender cuá­
les fueron sus propósiJos y sus límites, las colecciones de Jextos que iba compilando por
aquel entonces: la que aquf se reimprime y la otra, más propiamente filosófica, Filosoji /ta­
liani del Quattrocento, Le Monnier, Florencia, 1942, compuesta al mismo tiempo.
8 EUGENIO GARIN EL RENACIMIENTO ITALIANO 9
los cuarenta años transcurridos este texto puede tener aún algún
en qué consiste ese Renacimiento ?el que todos hablan ! �� un
muy extendido deseo.» Frente a m1s dudas sobre la pos1b1hdad interés para documentar de qué manera se pudieron plantear
_ ciertos problemas y con qué métodos fue posible afrontarlos en
de documentarlo todo y nada a la vez -a causa del m1smo carác­
un momento dramático de la vida y de la cultura de nuestro país.
ter evanescente del término « Renacimiento», ese «del cual todo
el mundo habla»-, el día 29 de agosto volvió a �nsistir respon­ Recuerdo que, en aquella ocasión, Volpe vino a discutir algu­
nos puntos del libro -entre ellos el relativo a los primeros ensa­
diendo a una propuesta mía de centrar el tratamiento del tema
yos de Baron utilizados en él-, y también que solicitó algunas
en la historia del pensamiento político: «No sol �ente del pensa­
indicaciones a Amintore Fanfani («algunas indicaciones por lo
miento político, sino del Renacimiento en sus diferentes aspec­
que se refiere al pensamiento o a la concepción de la vida econó­
tos excepto en los aspectos puramente literarios, de los cuales
mica, de la riqueza, etc.»). En conjunto, sin embargo, le pareció
pu�de bastar una mención en la �ntroducción o en alguna nota
. _ clase de docu­ que el libro estaba bien logrado y lo hizo imprimir sin interven­
didáctica; y, por lo tanto, tamb1en de cualqUier
ción de ninguna clase. «Para la historia de los tiempos cercanos
mento siempre que sea significativo para el nuevo modo de ver
a los nuestros -me escribió, en conclusión, en una larga carta,
la vid;.» Para el pensamiento político, por lo demás, pensaba e ?
. ofreci- el día 22 de octubre de 1 940-, me gusta recordar el concepto del
un pequeño volumen de Eugenio Anagnine, que se hab1a
Renacimiento que hace sólo treinta años tenían personas como
do a compilar uno sobre el siglo XVI. 3
Vittorio Rossi, y eso sin contar a la gran masa de los profesores
En cualquier caso, hacia finales del año el hbro estaba ya hs­
• •

de literatura italiana de la enseñanza media: como algo debido

to, si bien con unas graves limitaciones que no se le escapaban
_ esencialmente al resurgimiento de los estudios sobre la antigüe­
a su autor. Italia había entrado en la guerra, el acceso al precioso
dad. Que hubieran cambiado la vida y los ánimos, y que esa mis­
material de las bibliotecas, disperso, se había hecho cada vez más
ma modificación estuviese en la base del nuevo estudio, de la
difícil y ciertas exploraciones de fuentes de archivos y de manu �­
nueva y diferente valoración de los escritores antiguos por parte
critos habían llegado a hacerse imposibles. De ahí el uso exclusi­
de los hombres de los siglos XIV y xv, era algo que a pocos les
vo de material impreso en las ediciones que se pod ían e�cont �ar,
_ venficactón pasaba por la cabeza. De ahí cierto rumor que desató en 1903 [en
a menudo mediocres (en ocasiones, pésimas) y sm
realidad, en 1905] un pequeño escrito mío: "Bizantinis mo e Ri­
adecuada. Y eso sin mencionar la más reciente literatura crítica
nascenza" (en La Critica), en el cual estudiaba el nuevo terreno
no italiana casi inalcanzable en aquellos momentos.4 Si a todo
histórico en que florecieron el Humanismo y el Renacimiento.
ello le añadimos los numerosísimos obstáculos prácticos de �odo
Recuerdo también una larga conversación con Rossi, que estaba
género, habrá que reconocer, por un lado, una nota�!� dos1s de
convencido, sí, ma non tanto . . . »5
temeridad en la persona que se enfrentó en tales condiciones con
Como ya he indicado, el libro tuvo fortuna y circuló incluso
una labor semejante, mientras que, por otro lado, se J?Odrá co'?­
fuera de Italia. No fueron pocos los textos sobre los cuaJes llamó
prender que su autor fuese reacio a volver a poner el hbro en Cir­
la atención y que fueron extraídos, entonces y después, de ahí
culación sin componerlo de nuevo enteramente. Hoy esa renuen­
mismo -de ediciones que en ocasiones eran malísimas-, para
cia ha sido vencida, y no sólo por la amable insistencia de un
acabar dando lugar a obras del mayor respeto. En Italia, entre
osado editor, sino también por la convicción de que, a pesar de
1941 y 1942, encontramos ecos de la presente obra no sólo en los
3 Sobre Anagnine (Evgenij Arkad'evié Anan'in, San Petersburgo, 1888 - Venecia,
cursos de Cario Morandi o en el ensayo de Federico Chabod pa-
1 96S) ,
amigo de Plejanov, que huyó de Rusia en !90 _ S y l�e�o de nuevo en la é�a de la
revolución de Octubre por sus posiciones menchevtques, vtvtó largament� en lt�ha. d_ onde S. La nota a la cual se referla Volpe (La Critica, l l 1 (190S], pp. S1-S8), fechada en Pisa
trabajó y publicó una gran parte de sus trabajos. C �. A. !a�borra, Esul1 russl m !falta del 1904,
1905 al 1917, Laterza, Bari, 1977, pp. IS9·173 (conuene b .'bhograffa). �n 1937 pubhc? tam­
en junio de habla sido compuesta «a propósito de un escrito de Karl Neumann.
. "Byzantinische Kultur und Renaissancekuhur"" aparecido en la Historische Zeitschrift de
bién un libro sobre Pico (cuya recensión publicó De Ruggtero en Lo Critica) a p�opósno del 1903, pp. 215-232. Volpe volvió a publicarla más tarde en el volumen Momenti di storia ita­

vez con cuidado ese interés renovado durante aquellos anos, Y no sólo en
: para con
cual tuve alguna fugaz relación con él en 1936. No obstante, habrfa que exan nnar alguna
!taha,
liana, Vallecchi, Florencia, 19S2, pp. 137-165. Acerca de las innuencias de Labriola sobre
Volpe y de un proyecto de Labriola sobre el nexo entre la Italia moderna, el Risorglmento
pensadores como Pico. y el Renacimiento, cf. J. Cervelli, Gioacchino Vol�. Guida, Nápoles, 1977, p. 39S. Labriola
4. Con todo esto, incluso co� tal dis�ancia en �! tiempo la mfor�actón recog¡da �nton:
. . ·

: escribfa: cc¿En qué consiste verdaderamente ese rtnacimiento (risorgimento] de Italia ( ...)?
ces parece ser bastante satisfactona. Se uuhzaba alb el matenal aparectdo fuera de !taha has En el caso especial de Italia habríamos de retroceder hasta el si¡lo xvt, cuando el desarrollo
ta 1939, asl como el prólogo de Mondolfo, Origen y sentido de� concepto d_e la cultu�a huma_­
nista, de mayo de 1940. Tampoco puedo olvidar 1� conversactones y los mtercambtos de h­
inicial de la época capitalista -que tenia aquf una sede principal- se apartó del Medite­
rráneo.»
bros con Delio Cantimori, en Roma y en Florencta.
10 EUGENIO GARIN
ra Problemi storici e orientamenti storiografici, de Rota (Como,
1 942), sino también en las páginas de Ranuccio Bianchi Bandine­
lli, que hubo de extraer datos de él, ya en 1 950, para la conferen­
cia inaugural de la Universidad de Cagliari sobre La crisi
deii'Umanesimo.
En realidad -permítaseme insistir en ello-, el pequefio volu­
men, compuesto en el afio 1 94 0, al comienzo de aquella guerra,
puede ser entendido sólo si lo volvemos a colocar en aquel clima
y en aquella situación. La elección, y el subrayado, de muchos
de aquellos textos no profundiza en las raíces, o no solamente
profundiza en ellas según los puntos de vista que había que docu­
mentar historiográficamente: están acentuados a propósito unos
valores que parecían correr a la sazón un riesgo mortal y sobre
los cuales está fundada nuestra civilización. Quien no tenga en
cuenta las condiciones de la Italia y de la Europa de aquellos
afios, no comprenderá el motivo de ciertas acentuaciones y cier­
tos énfasis, ni tampoco de ciertos «apasionamientos», en el tra­
bajo historiográfico. Pero, si bien las pasiones del entorno pesa­
ron mucho en aquel entonces sobre la visión del pasado, también
es cierto que fueron útiles para que saliesen a la luz algunos ele­
mentos que habían caído en el olvido.
Por las razones expuestas, este libro ha sido reproducido aho­
ra fielmente. Incluso la puesta al día de la bibliografía hubiera
estado aquí desprovista de sentido. En algunas notas hacemos re­
ferencia a instrumentos generales, así como a obras de contenido
general . 6
E l autor n o cree tener que recordar que, casi sobre cada uno
de los temas, sus puntos de vista son hoy muy diferentes de los
que fueron, así como son diferentes sus modos de trabajar; pero
reconoce que, incluso así, con todas esas graves limitaciones, que
no se le escapan de ningún modo, lo que aquí presentamos fue
su punto de partida.
E. G.
Florencia, 18 de octubre de 1979.
6. Para un panorama articulado, cf. M. Cilibeno, /1 Rina.st:tmemo. Sloria dt un dibam­
lo, La Nuova Italia, Florencia, 197S; C. Vasoli, Umanesimo e Rinascimenlo, Palumbo, Pa­
lermo, 1976' (edición puesta al dfa).
Entre las compilaciones antológicas de textos, cf., G. Ponte (dir.), /1 Quattrounto, Zani­
chelli, Bolonia, 1966 (en la colección dirigida por W. Binni); /1 Quattrocenlo e ti Cinquecen­
IO, Rizzoli, Milán, 1966, vols. 11 y 111 de la Anlologia del/a letteralura ualtana, dirigida por
M. Vitale (es muy importante la compilación de Prosalori volgari del Quattrocenlo, a cargo
de Claudio Varcse, Ricciardi, Milán y Nápolcs, l9SS, simétrica de la antología de los Prosa­
lori lalint aparecida en la misma editorial en 19S2 y a cargo del autor de la presente compila­
ción).
INTRODUCCIÓN
La d �terminación de los caracteres que tuvo aquel período de
_
relevancta umversal al que llamamos Renacimiento aun habien­
do sido i �tentada una y otra vez, está muy lejos de haber llegado
a ser ObJeto de un acuerdo pacífico. El mismo nombre con el
cual se denomina, mientras que para unos significa un puro re­
torno, para otros indica cabalmente un nuevo nacimiento una
�reación, una fundación. Por otra parte, la comprensión d� esta
epoca se ha visto perjudicada no poco por su vehemente contra­
P?Sición co � la Edad Media, casi como en términos de luz y ti­
meblas, casi como un resurgir después de un período de oscuri­
dad Y estancamiento, dominado por los «bárbaros» y en el cual
permanecía en silencio cualquier tipo de vida espiritual.
En realidad, aquel nuevo florecimiento del arte y del pensa­
.
miento, aquel frondosísimo desarrollo de todas las actividades
del espíritu, aquella concepción de la existencia concentrada ínte­
gramente en el concepto de humanidad entendida como libertad
preocupada por lo interior, ahí donde el hombre se enaltece ver �
daderamente a sí mismo, aquel anhelo vehemente de una vida
plena Y santa en su libre explicación . . . , todos esos motivos típi­
cos ?e la época del Renacimiento no surgieron de un solo trazo,
desl �gados totalmente de las épocas que lo precedieron. La pre­
tensión de transformar el Renacimiento en un repentino fogona­
zo de luz sólo sirvió para suscitar la justa reacción de los que se
habían dedicado diligentemente a encontrar sus precedentes en
los siglos anteriores.
Y, sin embargo, ni el movimiento humanista del siglo XII ni
e! despertar cultural del siglo XIII, ni la introducción de la c¡'en­
cta árabe y el influjo del aristotelismo, ni los contactos renova­
dos con el Oriente, ni el aumento del número de ciudades, ni el
desarrollo de los centros universitarios tienen todavía los caracte­
res de �a visión de la vida que había de afirmarse y desarrollarse
e� lt �ha entre 1400 y 1600. Lo cual no implica ninguna desvalo­
nzación de esos fenómenos, grandísimos e importantísimos a pe­
sar �e todo; l?ues grandes fueron los pensadores del siglo XII,
admirable la ftgura de Abelardo, exquisitamente «moderno» en
12 EUGENIO GARIN
su fuerte apasionamiento el romance de Eloísa, poderoso el arte
gótico, altísima la civilización urbana, sublime la poesía de Dan­
te, atrevidísima la agudeza crítica del averroísmo latino, profunda
la ciencia de los físicos parisinos y digna anticipadora la obra de
Leonardo da Vinci.
No obstante, todo eso no era aún el siglo xv ni el siglo XVI,
en los cuales, con todo, volvemos a encontrar casi potenciados
y en síntesis aquellos brotes de novedad que sentimos ya aflorar
en todos aquellos movimientos. También hay que tomar en con­
sideración que el Renacimiento no es tampoco, como pretendió
alguien, la antítesis y la reacción contra aquellos atrevimientos y
aquellas conquistas; esto es, un movimiento puramente literario
y nacional, más bien romano, que andaría cortejando el mito de
la Roma imperial. Hemos de considerar también que ante nues­
tros ojos, que han llegado a ser expertos en aquilatar los aconte­
cimientos, no pueden dejar de aparecer estos signos precursores
casi como los gérmenes y el velado presentimiento de la civiliza­
ción que en ellos está naciendo. Y así advertimos en Abelardo el
nacimiento del espíritu crítico, en Eloísa la interioridad atormen­
tada, en Federico 11 la figura del «tirano», en Dante el involunta­
rio exaltador de la grandeza humana. Y es que no hay verdadera­
mente nada más extraño que considerar el siglo xv como un pa­
réntesis reaccionario entre el siglo XIV y la Edad Moderna, casi
desarraigado de la historia. Esta manera de ver las cosas sólo re­
sulta explicable como reacción particularmente viva a la desgra­
ciada concepción de un Renacimiento pagano, enteramente im­
pío y racionalista, inmoral o amoral, patria utópica de unos su­
perhombres situados más allá del bien y del mal. De todos mo­
dos, incluso esos gérmen'es o esos signos precursores, lejos de
constituir ya un «renacer» o varios «renaceres», si tienen el signi­
ficado que tienen es por la existencia de un único Renacimiento
que los sintetizó haciéndolos revivir.
En realidad, los impulsos de un resurgimiento espiritual que
podemos encontrar a partir del siglo XII son consecuencia de la
profunda alteración que se va operando en todas las estructuras
del mundo medieval. Son casi síntomas del nacimiento de una ci­
vilización entera en el mundo occidental, el cual va liberándose
lentamente de los embates de los pueblos bárbaros. Y los impul­
sos para una mutación como ésa son efectivamente, o al menos
en parte, los mismos que volvemos a encontrar, potenciados, du­
rante el siglo xv. De todos modos, sigue siendo diferente la ma­
nera de presentarse. Valga aquí una simple referencia a aquel
movimiento del siglo XII por el cual, casi como por el verdadero
Renacimiento, han sentido gran interés algunos recientes histo-
13
EL RENACIMIENTO ITALIANO
riadores y alrededor del cual se ha desarrollado una disc.usión
particularmente amplia y exenta de motivos del orgullo naciOnal,
pues ese movimiento se había manifestado en Francia con .mayor
vigor que en cualquier otra parte. � o se puede ne �ar la Impor­
tancia de la cultura de Chartres, ammadora y susc1tadora de es­
tudios clásicos y de intereses filológicos y literarios, Y en la que
no dejaron de aflorar elegantes versos latinos, exaltaciones del
hombre y brotes platónicos semejantes a los que volveremos .a
encontrar tan difundidos entre los círculos cultos de la Florenc1a
de los Médicis.
Pero, aparte del hecho de que aquí se trata �ólo de ve�tigios,
.
en el primer caso nos hallamos frente a un fenomeno 1.1m1ta�o a
unos ambientes restringidísimos y sin vastas resonancias, mien­
tras que en el segundo se trata de un movi �iento cultural �e gran
difusión que no solamente no madura, �� ta�poco t7 rmma, e�
el ámbito de las escuelas, conventos o umvers1dades, smo que VI­
ve y se afirma más allá de los círculos de iniciados y satura todas
las actividades, que penetra en la política y se eleva ha�ta los tro­
nos de Jos príncipes y hasta la silla de Pedro, que desc1ende a las
plazas entre los poetas popular�s, las fie �tas y las procesiones
.
simbólicas, que inspira a los artistas y deJ � su Impronta en las
y los templos de
líneas arquitectónicas de los nuevos palaciOs
nueva factura.
Se trata, pues, de precedentes; no, todavía, del Re �acimiento.
.
Esto hemos de repetirlo, ya sea para aquellos que, fiJándose en
esos precedentes, yerran sobre el Renacimiento, ya para aquellos
que pretenden hacer del movimiento de renovación u� monstr �o
admirable sólo por haber nacido de padres desconoc�dos, extl�­
guido sin haber procreado hijos vivos, con la excepc1ón, eso SI,
del espíritu reaccionario de la Contrarreforma.
. .
y es verdad el momento de floración del Renac1m1ento VIe­
.
ne pr�cedido po; todos los movimientos qu7 ti 7nden a af�rmar el
sentido y el valor del espíritu humano, su d1gmdad y su hbertad.
Cada vez que, en una reminiscencia de los clásicos, el espíritu crí­
tico empieza a romper una barrera, a afirmar los ?erechos de� es­
píritu, a exaltar sus creaciones, a celebrar la santidad de la v1� a,
encontramos un «renacer» que despunta. Renacer que, precisa­
mente por haber sido un triunfo de la espiritualidad h �mana,
tiende continuamente, como la civilización griega, a transfigurar­
se, desde el particular hecho histórico que era, en un fenómeno
eterno, justificando así de algún modo los galanteos de los m �­
.
chos renaceres recurrentes. Tanto más cuanto que, a d1ferenc1a
del ideal griego, al cual tanto parece acercarse, éste se enriquecía
con toda la plenitud de la experiencia cristiana.
14 EUGENIO GARIN
El Renacimiento tuvo un vivísimo sentido de la religiosidad;
y se cierra el camino para su entendimiento quien quiera prescin­
dir de esa inspiración que no sólo lo impregnó, sino que a veces
lo transformó en una profundísima fe. El supuesto paganismo
del Renacimiento, del cual se ha discurrido tan a menudo y con
tanto desacierto, o bien se limitó a alguna esporádica manifesta­
ción literaria, o bien se redujo a una valorización de la vida, a
una exaltación de la actividad humana, en contra de las tenden­
cias ascéticas, que no es de ningún modo más pagana que cristia­
na. En el mundo antiguo no faltó la ascesis, y las críticas huma­
nísticas al estoicismo son frecuentes y violentas. Tampoco está en
contraste con el cristianismo, siendo inflamado todo él por el
fuego de la caridad, con la afirmación de la santidad de la vida
y del trabajo. Esos mismos brotes de herejía, ese ansia vehemen­
te de una fe pura e interiorizada, esas polémicas contra la co­
rrupción eclesiástica, lejos de mostrar una larvada indiferencia
religiosa, lo que revelan es un interés religioso lleno de inquietud.
Lo cual, por lo demás, no significa de ningún modo un espíritu
de reacción y de rígida ortodoxia que anticiparía las disposicio­
nes tridentinas. Si bien es lícito, e incluso necesario, hablar de re­
ligión profunda y de cristianismo, no lo es en cambio referirse
con ello al catolicismo de la Contrarreforma. Tampoco vale ape­
lar al constante e innegable amor por el cristianismo primitivo,
por el pensamiento de los primeros siglos, por los padres de la
Iglesia. Todo eso no significaba de ninguna manera una más rígi­
da adhesión a las tradiciones o un puro y simple retorno al pasa­
do. Tenía más bien un valor polémico, pues, si bien se volvía a
Tertuliano y a Orígenes, o incluso a san Jerónimo y a san Agus­
tín, ese retorno no se hacía ciertamente en estrecha conformidad
con los dictámenes de la Iglesia oficial.
Se trata, como vemos, de una renovación que, más que ser
simplemente religiosa, iba en pos de una más íntima y más senti­
da religión del espíritu, que asumía el tono inspirado de una lo­
grada plenitud de los tiempos. Y esa regeneración, que consistía
en la afirmación de una humanidad rica y plenamente desarrolla­
da, halló en el mundo clásico un modelo casi ideal. De ahí pro­
viene esa actitud que consiste en volver afanosamente a lo anti­
guo, actitud que marca con su sello los inicios del Renacimiento
y permanece luego durante todo el período renacentista. Ese re­
torno, por el hecho de mostrarse con toda claridad, ha inducido
a algunos historiadores a considerarlo como la misma esencia de
la época, de modo que ésta consistiría, ni más ni menos, en un
resurgir de lo antiguo como elemento implícito y dominante en
cualquiera de sus manifestaciones. Hay que decir que los críticos
EL RENACIMIENTO ITALIANO 15
han sido inducidos a menudo a error por las actitudes mismas de
ciertos protagonistas de la época, por figuras relevantes que, en
el ámbito de su vida cotidiana, asumieron conscientemente los
modelos griegos y romanos, como cuando Lorenzo el Magnífico
pensaba en Pisístrato y cuando Ficino intentaba ingenuamente
aparecer como un Platón redivivo, incluso con sus debilidades y
características personales. Pero, evidentemente, eso no quiere de­
cir que ei poder de Cosme hubiese surgido por su imitación de
Pericles o que el pensamiento de Ficino fuese un mero remedo
del de Platón.
Lo antiguo, redescubierto -pues a ello conducían las afini­
dades espirituales y las analogías en los estados de ánimo-, fluía
de nuevo plasmando por sí mismo la época, pero en un renacer
y una regeneración que eran como una nueva creación . Los sim­
ples imitadores pedestres -y los hubo- aparecen, pues, como
ramas secas en una planta floreciente.
De todos modos, precisamente por el particular entusiasmo
con que se anduvo en busca de lo antiguo, el aspecto más apa­
rente de la época fue ese resurgir del mundo clásico y su eficaz
influencia en la nueva era. Ciertamente, el Renacimiento fue, an­
te todo, un gran movimento cultural que remodeló los espíritus
sin agotarse en un hecho puramente literario o gramatical. Si
bien, en efecto, los humanistas hablan mucho de libros, de bi­
bliotecas, de textos y de vocablos, hemos de tener en cuenta que
las letras humanas no son exaltadas por sí mismas, sino por el
hecho de ser formadoras en el hombre de su más digna humani­
dad. Ni siquiera la filología, que en cierto momento parece casi
asumir una posición dominante, es sólo una indagación erudita
y escolástica, pues en ella está la llave que abre al mundo del es­
píritu, la que ha de permitir, a través de la correcta evaluación
de las expresiones, la conquista del pensamiento.
Las sutiles cuestiones medievales habían excavado un abismo
entre la palabra y la cosa; se habían ido exasperando las discusio­
nes y las investigaciones en torno a puras ficciones verbales, en
torno a entidades separadas de la realidad originaria . Se trataba
de volver a unir el espíritu con la letra en un logos concreto que
fuese todavía, como lo había sido en su sentido original, pensa­
miento y palabra. Valla, precisamente, el filólogo Valla, renovó
la dialéctica, la crítica histórica, y se enfrentó con las cuestiones
jurídicas en su sistematización tradicional; su filología se desa­
rrolló «sobre las bases del derecho y la teología, que impregnan
los valores fundamentales de la vida de los hombres, las relacio­
nes de hombre a hombre y las relaciones entre el hombre y Dios»
(D. Cantimori, «Anabattismo e neoplatonismo nel secolo XVI in
16 EUGENIO GARIN
Italia», en Rendiconti R. Acc. dei Lincei, Scienze Morali, serie
VI, vol. X I I , p. 39). En este sentido, todo el inicio del Renaci­
miento es filológico, porque los estudios humanísticos, a través
de las letras humanas, quieren reconquistar la humanidad, la es­
piritualidad humana de la cual ellas son expresión. Porque esa
reconquista enteramente cultural no sólo produjo la plaga del
«erudito», como sucedió desgraciadamente, sino que además ori­
ginó una evasión de la vida mundana hacia una república ideal
donde la libertad del espíritu era indiscutida, aunque a la vez ali­
corta y estéril, y, como se ha dicho, totalmente fantástica; por­
que, si bien el humanismo fue rico en caracteres míseros y volun­
tades flacas, no deja de ser cierto que aquella redescubierta hu­
manidad fue propuesta como un ideal luminoso concretado en
insuperables obras de arte, en conquistas eternas del pensamiento
destinadas a educar y a penetrar en profundidad en el mundo
moderno.
El Renacimiento, nacido con Cola di Rienzo y con Petrarca
como un movimiento de insurrección nacional, como una lucha
contra los «bárbaros», cultural a la vez que política, llegó a al­
canzar muy pronto un significado universal que fue desvinculán­
dolo de sus raíces italianas para hacer de él una meta eterna para
la civilización europea, e incluso mundial, luego que la nueva vi­
sión del sentido de la vida y del hombre hubiese conquistado
nuevas tierras y nuevas vías.
Choque doloroso entre los ideales y la realidad del cual fue­
ron víctimas a sabiendas aquellos atrevidísimos investigadores y
constructores de realidades imperecederas que vieron mal retri­
buida su virtu• por las vicisitudes de aquella «fortuna» de la cual
aseguraban que no podría doblegar jamás al hombre fuerte.
Vuelven a la memoria las observaciones de Castiglione, quien,
para hacer perfecto al cortesano, junto a las armas ponía en sus
manos las letras. «Pero aquel que no siente el deleite de las letras
no puede saber tampoco cuál es la grandeza de la gloria, tan lar­
gamente conservada por ellas, y sólo la mide con la edad de un
hombre, o de dos, pues no tiene memoria más allá de eso; pero
a ésta, que es breve, no puede estimarla tanto como lo haría con
aquélla, que es casi perpetua, si no le estuviese vedado conocerla;
y, por no estimarla tanto, es razonable creer que no se habrá de
poner tanto en peligro para conseguirla como lo haría aquel que
la conoce. No quisiera que algún adversario me adujese ahora
• Consideraremos en a<:a.siones el término virtü como imraducible. Es casi un compendio
del ideal renacentista: «vencer a la fortuna» (cf. la nota de E. Garin al fragmento n? 6 del
cap. 4 y la introducción al cap. 7). Lo dejamos, pues, en italiano cuando resalta este sentido;
pero, incluso cuando lo traducimos por «Virtud», mantiene esta coloración.
EL RENACIMIENTO ITALIANO 17
dcctos contrarios para refutar mi opinión, alegándome que los
Italianos, con su saber de letras, han mostrado poco valor en las
armas desde hace algún tiempo; lo cual, desgraciadamente, es
cierto . . . Pero mejor será dejar en silencio aquello que no se pue­
de recordar sin dolor. »
Amargo drama, no muy diferente del de aquellos políticos
que, anhelando un Estado libre y bien ordenado, no sabían luego
concretar cómo podría establecerse. Es bien cierto que fue obra
del pensamiento renovado aquel último golpe dado a los sueños
imperiales y a las pretensiones pontificias; aquella crítica, llevada
hasta el final, a las viejas instituciones y privilegios; aquella idea
de una verdadera nobleza nacida no de la sangre, sino de la vir­
tu, de la laboriosa conquista del hombre que le hace ser dueño
de sí mismo. Y fue también mérito de aquel pensamiento la exal­
tación de la humanidad libre, la reivindicación de aquella mun­
danidad necesaria para la plenitud de la vida terrenal. Sólo que,
en la práctica, surgió el «tirano», cuya virtu no conocía límites;
pues aquella libertad no era entendida aún, ni podía serlo, como
consecuencia de la ley, cuando el «príncipe», para afirmarse y
crear un Estado que fuese tal, para poder superar oposiciones Y
divergencias ideológicas, había tenido que recurrir tan a menudo
a la arbitrariedad. Y el nuevo Estado logró ser, efectivamente, un
Estado mundano y terrenal, libre de obstáculos y de vínculos con
instituciones decadentes, despojado de privilegios; pero fue tam­
bién obra singular del «tirano», quien, como gobernante, no se
consideraba instrumento y expresión de una voluntad abstracta
y universal, de una ley que hablara por su boca, de una ley santa
y venerable que pondría freno a su voluntad personal, así como
a las de los demás en cuanto individuos. El «tirano» quiso ser,
y fue, como el artista que modela su obra a su gusto, sin ningún
otro condicionante que su propio arte. Nacieron así, como decía
Maquiavelo, los Césares, pero no los Escipiones; los «malva­
dos», los ricos de «grandísima fortuna y virtim, «las cuales dos
cosas pocos hombres pueden emparejar» (Discorsi sopra la pri­
ma deca di Tito Livio, 1 , 10).
Como hemos dicho, la política era concebida como un arte
o, al menos, como una actividad premoral, como un libre juego
de fuerzas. En realidad, la luz del Renacimiento surge toda ella
de aquel impulso hacia un mundo de la cultura, hacia un reino
espiritual en el cual el hombre no sea ya un lobo para el hombre,
en cuyo seno los hombres, trabajando en común, den vida a ver­
daderas creaciones.
Si nos desprendemos, finalmente, de la exaltación de los «su­
perhombres» libres de todo freno, de la figuración de los preten-
18 EUGENIO GARIN
didos «paganismos», y si podemos ver el Renacimiento tal y co­
mo fue, como un «reencuentro de la naturaleza siempre nueva y
viva del hombre íntegro que sabe lo que tiene de divino y no de
puro animal», entonces estaremos en el camino de comprender
su perenne conquista espiritual de la unidad armónica, de los va­
lores espirituales, a la vez que se podrán explicar algunas facetas,
algunas sombras de esa época, sin querer tampoco concentrar só­
lo en éstas los caracteres de todo el movimiento (G. Papini ,
« Pensieri sul Rinascimento», La Rinascita, 1938, p . 1 5). El Rena­
cimiento no fue un espíritu titánico, ni una lucha encarnizada, si­
no que soñó con la paz de los humanos, con la concordante dis­
cordia de los espíritus creadores, con el regnum hominis en que
el bien repartido es mayor que el bien entero, plus dimidium lo­
to. Y precisamente por eso alcanzó un ideal humano que los pen­
sadores, los artistas, los poetas de Italia mostraron a los hombres
y que éstos van aún persiguendo dolorosamente: la esencia ideal
del hombre recobrada en una belleza que es también bondad, en
un acercamiento a Dios por la trabajosa paz de una humanidad
unida, en una conquista de sí mismo por el amor y en el rendirse
voluntariamente ante esas imágenes vivientes de Dios que consti­
tuyen los demás hombres. Haec illa Pax quam jacit Deus in ex­
celsis suis, quam angeli in terram descendentes annunciarunt ho­
minibus bonae voluntatis, ut per eam ipsi homines ascendentes
in caelum angeli jierent. Hanc pacem amicis, hanc nostro opte­
mus saeculo, optemus unicuique domui quam ingredimur, opte­
mus animae nostrae (G. Pico, Oratio de hominis dignitate, en
Opera, Basilea, 1572, fol. 3 1 8 ; cf. G. Manetti, Oratio de pace,
en Felini Sandei, De Regibus Siciliae, Hanoviae, 1 6 1 1 , pp. 179
y ss .).1
1 . Aprovecho esta oportunidad para mostrar m i agradecimiento a G. Volpe, cuyas suge·
rendas me resultaron preciosas en numerosas ocasiones mientras estaba preparando la pre­
sente antología. En ella, por otra parte, no será difícil encontrar lagunas y parcialidades ine­
vitables en cualquier tentativa de documentar un movimiento espiritual 1an vasto y tan estre·
chamente vinculado con motivos literarios y artísticos. Pero de ninguna manera he pmendi­
do ser aqu! exhaustivo; mi intento ha sido sólo el de proporcionar, sobre todo, algunas refe­
rencias en relación con lo que fue el germinar del Renacimiento.
BIBLIOGRAFÍA
Natural mente, no me propongo dar aquí siquiera una bibliografía
e sencial, sino sólo indicar algunas obras generales y algún e scrito que he
tenido presentes a la hora de confeccionar la presente co mpilación.
J. Burckhardt, La civilta del Rinascimento in Italia, trad. Valb u sa, 3 �
ed. a cargo de G . Zippel, 2 vols., Florencia, 1 927. [Hay trad. cast . :
La cultura del Renacimiento e n Italia, Barcelona, 1968.]
K. Burdach, Rienzo und die geistige Wandlung seiner Zeit, Berlín,
1913- 1928.
K. Burdach, Riforma, Rinascimento, Umanesimo, trad. Cantimori, Flo­
rencia, 1935.
G. Calo, « Rinasci mento storico e U manesi mo eterno», Convivium,
1 939, pp. 246-264.
D. Cantimori, « Su l la storia del concetto di Rina scimento», Annali R.
Scuola Norma/e Sup. Pisa, 1932.
E. Cassirer, Individuo e Cosmo nella filosofia del Rinascimento, trad.
Federici, Florencia, 1935.
E. Curdo, Da/ Rinascimento olla Controriforma, Ro ma, 1934.
A. Dempf, Sacrum lmperium, trad. Antoni, Messina, 1933.
G. Dilthey, L'analisi dell'uomo e l'intuizione della natura da! Rinasci-
mento al seco/o xvm, 2 vols., Venecia, 1 927.
F. Ercole, Da/ Comune al Principato, Florencia, 1929.
F. Ercole, La politica di Machiavelli, Ro ma, 1926.
F. Fiorentino, 11 Risorgimento filosofico nel Quattrocento, N ápoles,
1885.
E. Gebhart, Les origines de la Renaissance en ltalie, París, 1879.
E. Geiger, Rinascimento e Umanesimo in Italia e in Germanio, trad.
Valbu sa, Milán, 1891 .
G . Gent ile, La filosofia, Milán [ 1 91 5 ].
G. Gent ile, Studi su/ Rinascimento, Florencia, 1 926.
G. Gentile, 11 pensiero italiano del Rinascimento, Florencia, 1 940.
E. Gilson, Héloise et Abélard, Parí s, 1938.
E. Gothein, 11 Rinascimento nell'ltalia meridiana/e, trad. Persico, Flo­
rencia, 1 905 .
C . H. Haski n s, The Renaissance of twelfth Century, Cambridge, 1927.
H. Hauser y A. Renaudet, Les débuts de l'Áge Moderne: La Renaissan­
ce et la Réforme, Parí s [ 19382].
J. Huizinga, Autunno del Medioevo, trad. italiana, Florencia, 1940.
[Hay trad. cast.: El otoifo de la Edad Media, Madrid, 1978.]

GREENGRASS Mark, La destrucción de la cristiandad.
Europa 1517-1648, Pasado y Presente, Barcelona, 2015





 
 

0*,9P5
0+,5;0-0*P
,5
<5(
6*(:0P5
,3
047,906
964(56
*65
<5
'+.#0'3+

:6)9,
,3
4<5+6b
*65
36
8<,
8<,9K(
+,*09
8<,
,5
505.T5
6;96
:0;06b
:(3=6

)(16
3(
H.0+(
964(5(b
7,9;,5,*K(
3(
76)3(*0P5
(
<5(
*64<50+(+
*0=03
@

763K;0*(
*6/,9,5;,e
3
:<9.040,5;6
+,3
*90:;0(50:46
/0A6
*6,?;,5:0=(
,:(

r7,9;,5,5*0(s
*65
3(
90:;0(5+(+e
6:
-69C5,6:b
8<,
90:;P;,3,:
@
36:

.90,.6:
/()K(5
,5:,N(+6
(
0*,9P5
(
33(4(9
r)C9)(96:s
7698<,
*(9,*K(5

+,
r*0=0:46sb
8<,+(965
*65=,9;0+6:
(
7(9;09
+,
,5;65*,:
,5
r7(.(56:se

<9(5;,
3(
+(+
,+0(
,3
(*96
47,906
64(56
x,5
(3,4C5d
#'*'%#1

F+'1!&#1
#'!&d
@
,3
(7(+6
:,
/()K(5
*65=,9;0+6
,5
*<:;6+06:
*651<5f
;6:
+,
3(
/,9,5*0(
/0:;P90*(
@
:(.9(+(
+,3
'+.#0'3+
:6)9,
,3
4<5+6
*90:f
;0(56e
3
(<;69
0;(30(56
5+9,(
3*0(;6
,?730*0;()(
(:K
,3
=K5*<36
,5;9,
,3

*90:;0(50:46
@
3(
/,9,5*0(
+,3
047,906
964(56d
r(+6
8<,
zeee{
;6+6:
36:

/()0;(5;,:
+,3
4<5+6
964(56
:,
*65=09;0,965
,5
*0<+(+(56:
+,
64(b

:,
:0.<,
8<,
;6+6:
36:
*90:;0(56:
-694(5
/6@
,3
7<,)36
964(56c
,:;,

7905*0706
,?*3<@,
+,
3(
*0<+(+(5K(
(
36:
/()0;(5;,:
+,
:0(b
-90*(
@

6;9(:
796=05*0(:
8<,
56
796-,:(5
3(
-,
+,
  e
65
,5,40.6:
+,3

7<,)36
964(56
@
/(5
7,9+0+6
36:
+,9,*/6:
+,
3(
!'4'21
964(5(se
(

7904,9(
,9(
+,
,?7(5:0P5
<3;9(4(905(
+,
<967(
6*<990P
7(9(+P10*(f
4,5;,
1<:;6
,5
,3
464,5;6
,5
8<,
,3
<50=,9:(30:46
*90:;0(56b
1<5;6
*65

3(:
05:;0;<*065,:
8<,
36
:6:;,5K(5b
:,
,:;()(
+,:05;,.9(5+6e
(
,?7(5:0P5

,5
<3;9(4(9
796=6*P
<5
+,)(;,
:6)9,
36
8<,
:0.50-0*()(
r7,9;,5,*,9s
(

<967(e
6:
/<4(50:;(:
9,*656*K(5
8<,
<5(
0#1
.3 *'!
:<765K(
<5(

+0:;05*0P5
,5;9,
:<:
*0<+(+(56:
x!'4'22#1y
@
8<0,5,:
56
36
,9(5e
,96
:0

;(3
r*0=030+(+s
x@
,5
;(3
*(:6b
769
8<H
9(A65,:
@
,5
8<H
.9(+6y
:,
,?;,5f
+K(
(
36:
7<,)36:
*65
36:
8<,
36:
,<967,6:
,5;9(965
,5
*65;(*;6
4C:
,:f
;9,*/6
(
7(9;09
+,
 ‘
ŽŒb
:,
*65=09;0P
,5
<5(
*<,:;0P5
(5;96763P.0*(b
@

3<,.6
,5
<5
1<0*06
:6)9,
36
8<,
:0.50-0*()(
:,9
,<967,6e
 '
 ./-0$*)

'
-$./$)
6:
7904,96:
*63650(30:;(:
,<967,6:
56
,:;()(5
+0:7<,:;6:
(
()(5f
+65(9
36:
0+,(3,:
<50=,9:(30:;(:
*90:;0(56:e
(:
(:709(*065,:
769;<.<,:(

@
*(:;,33(5(
(
36:
+640506:
+,
<3;9(4(9
+,C-*(5:()(5
:6)9,
*65*,:065,:

7(7(3,:e
6:
*,9,4650(3,:
8<,
96+,()(5
3(
76:,:0P5
/0:7C50*(
+,
5<,f
=(:
;0,99(:
9,-3,1()(5
*65:*0,5;,
@
+,30),9(+(4,5;,
<5(
796365.(*0P5

+,3
'+.#0'3+
+,
3(
90:;0(5+(+e
69
,:6
,3
T3;046
,47,9(+69
(A;,*(b

6*;,A<4(

xr65;,A<4(syb
,9(
79,:,5;(+6
,5
<5(
,:*,5(
*<0+(+6f
:(4,5;,
*69,6.9(-0(+(
*646
:0
,5
=K:7,9(:
+,
:<
4<,9;,
*,+0,9(
:<
04f
7,906
(
(936:
b
9,-3,1(5+6
(:K
79,*,+,5;,:
)K)30*6:
@
*65;05<0+(+,:

047,90(3,:e
 3
:0;<(9
3(:
*63<45(:
+,
H9*<3,:
1<5;6
*65
3(:
(94(:
+,

36:
():)<9.6
@
3(
+0=0:(
r3<:
3;9(s
zC:
33C{b
3(
r465(98<K(
<50f
=,9:(3s
:,
0+,5;0-0*()(
*65
,3
,47,9(+69
(936:
e
5
,3
*65;,?;6
+,
3(

,?7(5:0P5
<3;9(4(905(
+,
3(
90:;0(5+(+b
,:6
:0.50-0*()(
r465(98<K(

+3,"'*_U
5*3<:6
+,:7<H:
+,
3(
()+0*(*0P5
+,
(936:

,5
 ‘‘’
@
3(

:,7(9(*0P5
,5;9,
,3
(*96
47,906
64(56
@
3(
+-,0!&'
+,
,307,


@
:<:
:<*,:69,:
,5
,3
;9656
,:7(N63b
,3
047,906
/0:7C50*P
;6+(=K(
4(5f
;,5K(
=,:;0.06:
+,
:<:
796*3(4(*065,:
+,
(<;690+(+
:6)9,
;6+6
,3
.36)6

;,99C8<,6e
o
w„
(
3,.0;04(*0P5
7(7(3
,
047,90(3
7(9(
,3
r047,906
4<5+0(3s
:,
-<,

/(*0,5+6
,47,96
*(+(
=,A
4C:
099,3,=(5;,e
(
465(98<K(
-9(5*,:(
3(

047<.5()(d
jP5+,
,:;()(
3(
*3C<:<3(
,5
,3
;,:;(4,5;6
+,
+C5
v :,

+0*,
8<,
79,.<5;P
9(5*0:*6

(
(936:
 v
769
3(
8<,
,3
,47,9(+69

/()K(
/,9,+(+6
3(
40;(+
+,3
4<5+6i
(
465(98<K(
05.3,:(
3(
0.569(f
)(b
796*3(4(5+6
:<:
79670(:
(:709(*065,:
(
3(
3,.0;040+(+
,5
564)9,

+,
3(
6)30.(*0P5
+,
*0=030A(9
@
*65=,9;09
(
36:
7(.(56:
(3
=,9+(+,96
*90:f
;0(50:46d
r/69(
36:
9,@,:
@
9,05(:
+,
5.3(;,99(
33,=(5
,3
(7,3(;0=6
+,

,-,5:69,:
+,
3(
,sb
796*3(4()(
0*/(9+
(23<@;
,5

'1!-301#
-,

#12#0,
*,2',%
x‘”yc
;0,5,5
3(
6)30.(*0P5
+,
r4(5;,5,9
@
7(;96*0f
5(9
3(
-,
+,
90:;6s
x,:;6
,:b
3(
9,30.0P5
796;,:;(5;,ye
 3
(N6
:0.<0,5;,

,:*90)0P
*65
,5;<:0(:46
:6)9,
36:
;9,:
6)1,;0=6:
+,
3(
r479,:(
09.0f
50(sd
r0-<5+09
3(
9,30.0P5
*90:;0(5(b
*64,9*0(9
@
*658<0:;(9se
6:
;9,:

,:;()(5
05,?;90*()3,4,5;,
30.(+6:e
646
+,*K(
,3
7065,96
+,3
 7V

$*-5 #0
+>(9+
05:36>
,5
:<:
--"
#5#1$0-+
#5
,%*,"
x’Žyb

4H90*(
,9(
,3
3<.(9
+65+,
r3(
9,30.0P5
@
,3
),5,-0*06
=(5
+,
3(
4(56se

,96
*(+(
<56
+,
,:6:
6)1,;0=6:
,9(
047<.5(+6
@
,:;()(
:<1,;6
(
05;,9f
79,;(*065,:
90=(3,:
8<,
+,:(-0()(5
*<(38<0,9
796@,*;6€050=,9:(30:;(
+,

,?7(5:0P5
,<967,(e

*65
3(
,?7(5:0P5
.,6.9C-0*(
33,.P
<5(
4(@69

*65*0,5*0(
+,
8<,
,3
4<5+6
,:;()(
*647<,:;6
769
+0-,9,5;,:
*<3;<9(:

@
,:;(+6:b
4<*/6:
+,
36:
*<(3,:
x6;64(56b
*/056b
05+06y
56
:636
,9(5
 0-*+
)
'
(0)* 
.,6.9C-0*(4,5;,
4(@69,:b
:056
;(5
:6-0:;0*(+6:
*646
,3
+,
3(
90:;0(5f
+(+b
(<58<,
:<:
=(369,:
*<3;<9(3,:
@
:<:
:0:;,4(:
9,30.06:6:
-<,9(5
+0:f
;05;6:e
(:
79,;,5:065,:
+,
(<;690+(+
<50=,9:(3
)(:(+(:
,5
36:
(5;0.<6:

-<5+(4,5;6:
+,3
*90:;0(50:46
,9(5b
*<(5+6
:,
409()(5
)(16
,:(
5<,=(

7,9:7,*;0=(
.36)(3
@
*646
+016
)965*(4,5;,
<.6
96*06
,5
’Ž‘b

90+0*<3(:
x123*23+ye
5(
*<,:;0P5
+,
3,.0;040+(+
(T5
4C:
-<5+(4,5;(3
-<,
3(
73(5;,(+(

050*0(34,5;,
,5
,3
*65;,?;6
+,3
047,906
,:7(N63
,5
4H90*(e
5
;,P36f
.6
+64050*6b
9(5*0:*6
+,
0;690(
c!U
”‘f‘’yb
3(
79,:,5;P
,5
<5(

*65-,9,5*0(
r:6)9,
36:
05+06:
+,
4H90*(s
c#
,"'1d
,5
3(
50=,9:0f
+(+
+,
(3(4(5*(b
79,.<5;C5+6:,d
rj69
8<H
+,9,*/6
c'31d
,:;C5
:6f
4,;0+6:
36:
)C9)(96:
(3
+640506
,:7(N63ise
(:
79,;,5:065,:
7(7(3,:

+,
+0:765,9
:6)9,
,3
+640506
:,*<3(9
*,+0H5+636
(
8<0,5
79,-090,9(
56

76+K(5
,?;,5+,9:,
:05
4C:
50
4C:
(
36:
7(.(56:
+,3
40:46
46+6
8<,
(

36:
*90:;0(56:e
5(
9,:7<,:;(
(3;,95(;0=(
,9(
8<,
36:
5(;0=6:
(4,90*(f
56:
/()K(5
*,+0+6
=63<5;(90(4,5;,
:<
(<;690+(+
(3
047,906c
7,96
,:;6

9,8<,9K(
*,99(9
36:
616:
(5;,
3(:
79<,)(:
+,3
,47,*05(+6
:(8<,6
+,

36:
*658<0:;(+69,:
,5
4H90*(
,5;9(3
@
+,3
<9
@
3(
9,:0:;,5*0(
+,
36:

5(;0=6:
(
:,9
:<)@<.(+6:e
;9(
9,:7<,:;(
76:0)3,
,9(
+,*09
8<,
3(
3,.0;0f
40+(+
+,3
+640506
,:7(N63
:6)9,
36:
05+06:
9,:0+K(
79,*0:(4,5;,
,5
,3

/,*/6
+,
8<,
,:;6:
T3;046:
& @,
1'"-
4#,!'"-1R
36
8<,
()9K(
3(
7<,9;(
(

<5
5<,=6
+,:(996336
+,
36:
(9.<4,5;6:
<;030A(+6:
,5
3(
,*658<0:;(

,:7(N63(b
7,96
;(3
05;,979,;(*0P5
76+K(
:,9
<:(+(
*65
3(
40:4(
*65;<5f
+,5*0(
769
6;9(:
76;,5*0(:
,<967,(:b
8<,
;(4)0H5
76+K(5
796*3(4(9

8<,
/()K(5
*658<0:;(+6
*0,9;(:
7(9;,s
+,3
4<5+6
@
8<,
,:6
3,:
+()(

3,.0;040+(+
7(9(
.6),95(93(:e
(
(9.<4,5;(*0P5
(<4,5;()(
3(
04769f
;(5*0(
+,
56
:636
r+,:*<)909s
5<,=(:
;0,99(:
,5
<3;9(4(9b
:056
+,
9,*3(f
4(9
,3
+,9,*/6
(
.6),95(93(:e
3
46+6
,5
8<,
36:
*63650A(+69,:
,<967,6:
(+4050:;9()(5
:<:
*6f
3650(:
+,
<3;9(4(9
+0-,9K(
+,7,5+0,5+6
+,3
690.,5
+,
36:
+,:*<)90+69,:

@
+,3
;076
+,
+640506
8<,
8<,9K(5
,:;()3,*,9e
;96
+64050*6b
5;6506

+,
65;,:056:b
+,*K(
(
36:
*63650A(+69,:
/0:7C50*6:
+,
(
0:7(5063(

,5
 ‘  
8<,
56
;,5+9K(5
4C:
:(3=(*0P5
8<,
r36:
4696:
6
36:
;<9*6:sb

+,)0+6
(
:<
;9(;6
)C9)(96
/(*0(
36:
5(;0=6:e
:;6
33,=P
(
3(
*6965(
,:7(f
N63(
(
)<:*(9
(:,:69(40,5;6
:6)9,
,3
+640506
(
,:;()3,*,9
,5
3(:
4Hf

90*(:e

7(9;09
+,
,5;65*,:
36:
*658<0:;(+69,:
,:;()(5
6)30.(+6:
(
3,,9

,5
7T)30*6
<5
+6*<4,5;6
*656*0+6
*646
,8<,9040,5;6
zr6;0-0*(f
*0P5
@
9,8<,9040,5;6
8<,
:,
/(
+(+6
+,
/(*,9
(
36:
469(+69,:
+,
3(:

0:3(:
,5
;0,99(
-094,
+,3
4(9
6*H(56
8<,
(T5
56
,:;C5
:<1,;6:
(
<,:;96
 ”
” '
 ./-0$*)

'
-$./$)
,N69s{b
@
4C:
;(9+,b
(
7(9;09
+,
 ‘“b
*646
r<;6
+,
6),+0,5*0(
@
=(f
:(33(1,s
(5;,:
+,
9,*656*,9
,3
:64,;040,5;6
+,
36:
7<,)36:
05+K.,5(:
x6

:0
36
9,*/(A()(5b
,3
r(;(8<,sye
8<,33(
796*3(4(*0P5
(:<4K(
7(:46:(f
4,5;,
8<,
36:
5(;0=6:
,5;,5+,9K(5
,3
3,5.<(1,
@
;,9405636.K(
*65
8<,

,:;()(
9,+(*;(+6
,3
(<;6
@
9,*656*,9K(5
,3
:,N69K6
8<,
:6)9,
,336:
:,

796*3(4()(e

*(4)06
+,
,:,
9,*656*040,5;6b
,3
+6*<4,5;6
7964,;K(

8<,
8<0,5,:
(*;<()(5
,5
564)9,
+,
3(
465(98<K(
,:7(N63(
r=6:
+,1(f
9C5
=<,:;9(:
4<1,9,:
,
/016:
30)9,:
:05
:,9=0+<4)9,b
7(9(
8<,
+,
,33(:
@

+,
=6:6;96:
/(.C0:
30)9,4,5;,
;6+6
36
8<,
8<0:0,9,0:
@
769
)0,5
;<=0,f
9,0:c
@
56
=6:
*647,3,9C
(
8<,
6:
;695H0:
*90:;0(56:
zeee{e
0
56
36
/0f
*0,9,0:b
6
,5
,336
+03(*0P5
4(30*06:(4,5;,
7<:0,9,0:b
*,9;0-0*P6:
8<,
*65

3(
(@<+(
+,
06:
@6
,5;9(9H
76+,96:(4,5;,
*65;9(
=6:6;96:
@
=6:
/(9H

.<,99(
769
;6+(:
3(:
7(9;,:
@
4(5,9(
8<,
@6
7<+0,9,b
@
6:
:<1,;(9H
(3

@<.6
@
6),+0,5*0(
+,
3(
.3,:0(
@
+,
<
(1,:;(+b
@
;64(9H
=<,:;9(:

4<1,9,:
,
/016:
@
36:
/(9H
,:*3(=6:b
@
*646
;(3,:
36:
=,5+,9H
@
+0:765f
+9H
+,
,336:
*646
<
(1,:;(+
4(5+(9,b
@
6:
;64(9H
=<,:;96:
)0,5,:
@

6:
/(9H
;6+6:
36:
4(3,:
@
+(N6:
8<,
7<+0,9,se
3
;,?;6
9,-3,1()(
;(5;6

3(:
79C*;0*(:
+,
3(
,*658<0:;(
*646
3(:
9,(30+(+,:
,4,9.,5;,:
+,
<5

047,906
,:7(N63
8<,
79,;,5+K(
05;,.9(9
@
*65=,9;09
(
36:
7<,)36:
05+Kf
.,5(:
:64,;0H5+636:
x(<58<,
(3
7(9,*,9
769
4,+06:
7(*K-0*6:y
(3
+6f
40506
*63650(3
,:7(N63e
6979,5+0+6
769
36
():<9+6
+,
3(
r30)9,
,3,*f
*0P5s
6-9,*0+(
(
36:
05+06:b
(9;6364H
+,
3(:
(:(:
+,*K(
8<,
56
:()K(
:0

r9,K9
6
3369(9se
6:
-<5*065(906:
,:7(N63,:
796/0)0,965
,3
<:6
+,3
;H9f
4056
r*658<0:;(sb
9,*<990,5+6
(3
4C:
056*<6
+,
r7(*0-0*(*0P5s
7(9(

+,:*90)09
3(
0476:0*0P5
+,3
+640506
,:7(N63e
6:
*63650A(+69,:
-9(5*,:,:
,9(5
7(9;0*<3(94,5;,
,:*9<7<36:6:

,5
*<(5;6
(
+0:;(5*0(9:,
+,
3(
*658<0:;(
769
3(
-<,9A(
0473K*0;(
,5
,3

,8<,9040,5;6
,:7(N63e
5
:<
3<.(9
<;030A()(5
36:
90;<(3,:
+,
3(
),5f
+0*0P5
*(;P30*(
7(9(
:,N(3(9
,3
:64,;040,5;6
=63<5;(906
+,
36:
5(;0=6:

(3
+640506
-9(5*H:e
:Kb
*<(5+6
3(
-<,9A(
,?7,+0*065(90(
+,
9(5F60:

+,
(A033@
33,.P
(
3(
+,:,4)6*(+<9(
+,3
4(A65(:
,5
1<306
+,
 ’  Ž
x(

3(
0:3(
8<,
4C:
;(9+,
:,
*65=,9;09K(
,5
(6
<K:
+,
(9(5/(6yb
,5=0P

(
<5(
+,3,.(*0P5
7(9(
79,.<5;(9
(
36:
;<7K,:
36*(3,:
r:0
4(5;,5K(5
3(

40:4(
=63<5;(+
8<,
/()K(5
46:;9(+6
,5
,3
7(:(+6
(3
9,*0)09
(
36:

-9(5*,:,:se
636
;9(:
,3
*65:,5;040,5;6
+,
36:
5(;0=6:
)(1(965
(
;0,99(

@
*69;(965
<5
C9)63
7(9(
/(*,9
<5(
*9<A
8<,
-<,
33,=(+(
,5
796*,:0P5

(
;9(=H:
+,
=(90(:
(3+,(:
@
3<,.6
73(5;(+(
7(9(
8<,
:09=0,9(
r*646
;,:f
;046506
7(9(
*(+(
z05+06{
+,3
+,:,6
8<,
;,5K(5
+,
9,*0)09
,3
*90:;0(50:f
46
@
*646
*65;05<6
9,*<,9+6
7(9(
,336:
@
;6+(
:<
76:;,90+(+
:6)9,
3(
 0-*+
)
'
(0)* ”•
9(AP5
769
3(
8<,
;64(46:
76:,:0P5
+,
:<
;0,99(
,5
564)9,
+,
,:<f
*90:;6se
(
0+,(
+,
76:,:0P5
(730*(+(
769
36:
4(905,96:
769;<.<,:,:b
,5

*(4)06b
9,-3,1()(
3(
5(;<9(3,A(
4(9K;04(
@
*6:;,9(
+,
:<:
(:709(*065,:

(3
+640506e
<(5+6
<5(
-36;(
769;<.<,:(
33,.P
(
3(
*6:;(
+,
9(:03
,5

‘ŒŒb
,3
*(70;C5
0*63(<
6,3/6
05;,5;P
*64,9*0(9
*65
36:
5(;0=6:
;<f
7K,:
40,5;9(:
:<
(:;9P5646
@
7036;6
+,:,4)(9*()(5
7(9(
4,+09
3(
(3f
;<9(
+,3
:63
(
4,+06+K(
@
+,:*90)09
3(
76:0*0P5
+,
3(:
,:;9,33(:b
4(9*(5f
+6
<5
7<5;6
x8<,
3<,.6
:,
76+K(
9,79,:,5;(9
,5
<5
4(7(y
*65
<5(

*9<A
+,
4(+,9(b
*69;(+(
+,
<5
C9)63
36*(3e
(
*9<A
,9(
(/69(
<5(
796f
*3(4(*0P5
+,
:<79,4(*K(
4(9K;04(b
(:6*0(+(
*65
36:
4(9*(+69,:
+,
3(

3K5,(
*6:;,9(b
4C:
;(9+,
047<.5(+(
769
:(),3

,5
‘’Že
<(5+6
,3

,4)(1(+69
769;<.<H:
3,
70+0P
8<,
9,*656*0,9(
3(
:6),9(5K(
769;<.<,f
:(
:6)9,
r;6+(:
3(:
;0,99(:
+,:*<)0,9;(:
769
3(
*6965(
+,
69;<.(3sb
:,

5,.P
(
/(*,936
(3,.(5+6
8<,
r,5
505.<56
+,
36:
3<.(9,:
+,:*<)0,9;6:

zeee{
;,5K(
505.<5(
:<7,90690+(+se
r,:*<)9040,5;6s
x,5
,3
:,5;0+6
,5

8<,
36
,5;,5+K(
3(
9,05(
:(),3b
7,96
56
36:
769;<.<,:,:y
56
,9(
r76:,f
:0P5se
,(5
(94,5;0,9b
5(=,.(5;,
-9(5*H:
+,
0,77,b
33,.P
*65
+6:

)(9*6:
(
<4(;9(
,5
‘Ž•
*65
3(
05;,5*0P5
+,
8<,)9(9
,3
465676306

769;<.<H:
+,
3(:
,:7,*0(:
+,90=(+6
+,
:<:
9,*3(4(*065,:
+,
3(:
9<;(:

4(9K;04(:
/(*0(
,3
,:;,e
,*3(9P
8<,
36:
769;<.<,:,:
4(50-,:;()(5

<5(
r(4)0*0P5
,?*,:0=(s
@
8<,
r7(9,*,
8<,
06:
/(
/,*/6
3(:
;0,99(:
@

36:
4(9,:
:636
7(9(
,336:b
@
8<,
3(:
+,4C:
5(*065,:
56
;,5.(5
+,9,*/6

(
5(=,.(9se
3
1<90:;(
/63(5+H:
<.6
96*06
-‰0,
<56
+,
36:
4<*/6:
*64,5;(f
90:;(:
,5
:6:;,5,9
x,5
 #
'30#
#**'
!.!'1R
’Œf’Œ‘y
8<,
3(
796*3(4(f
*0P5
769;<.<,:(
+,
/(),9
+,:*<)0,9;6
36:
6*H(56:
@
+,
/(),9:,
.(5(f
+6
*65
,336
,3
+,9,*/6
:6)9,
3(:
9<;(:
4(9K;04(:
,8<0=(3K(
(
*,99(93(:
(

6;96:
@
,:;()3,*,9
3K40;,:
(33K
+65+,
56
,?0:;K(5
,5
3(
5(;<9(3,A(c
7,96

96*06
*65*,+K(
8<,
,3
+,:*<)9040,5;6
+,
;0,99(:
(<;H5;0*(4,5;,

5<,=(:
,5
<3;9(4(9
,5;9()(
3,.(34,5;,
,5
3(
*(;,.69K(
+,
(+8<0:0*0P5

+,
79670,+(+
56
9,*3(4(+(
(5;,90694,5;,b
*646
8<0,5
,5*<,5;9(
<5(

465,+(
,5
3(
*(33,e
6:
*63650(30:;(:
5,,93(5+,:,:
,9(5
4<@
,:*9<7<f
36:6:
,5
3(
+,-050*0P5
+,
3(
,?;,5:0P5
79,*0:(
@
36:
*65;6956:
+,
36
8<,

9,*3(4()(5
*646
:<@6b
+,46:;9(5+6
8<,
,9(
(<;H5;0*(4,5;,
2>00
',V
!D%,'2R
6
x:0
56y
)(:(5+6
:<
3,.0;040+(+
,5
,3
-<5+(4,5;6
+,
8<,
/(f
)K(
:0+6
*65*,+0+(
6
5,.6*0(+(
*65
36:
/()0;(5;,:
36*(3,:b
4(5;,50H5f
+6:,
4,+0(5;,
,3
*64,9*06b
3(
6*<7(*0P5
@
3(
05=,9:0P5
9,.<3(9e
6:

7904,96:
*63650(30:;(:
05.3,:,:
,5
69;,(4H90*(b
,5
*(4)06b
;<=0,965
 '
 ./-0$q)

'
-$./$)
,3
+,:*(96
+,
796*3(4(9
8<,
/()K(5
;64(+6
76:,:0P5
+,
;0,99(:
+,f
:6*<7(+(:
8<,
/(:;(
,5;65*,:
56
7,9;,5,*K(5
(
5(+0,b
769
36
8<,
(
5(f
+0,
:,
3(:
/()K(5
(99,)(;(+6e
65:;9<@,9(5
*(:(:
@
=(33(965
:<:
*(4f
76:
7(9(
+,305,(9
<5(
r73(5;(*0P5s
(33K
+65+,b
*646
,5
93(5+(b
3(

1<:;0-0*(*0P5
7(9(
3(
*63650A(*0P5
9,:0+K(
,5
/(*,9
<5
)<,5
<:6
+,

3(
;0,99(
7(9(
3(
.3690(
+,
06:b
+,
<5
46+6
8<,
36:
5(;0=6:
:,
():;,f
5K(5
+,
/(*,9e
 3
4(7(
+,3
4<5+6
33,=(
,5
36:
;67P5046:
,3
:,336
+,
3(:
79,;,5f
:065,:
,<967,(:
+,
(8<,3
7,9K6+6e
(
6):,:0P5
+,
63P5
769
765,9

564)9,
(
3(:
0:3(:b
796465;6906:
@
9K6:
8<,
+,:*<)9K(
-<,
9,796+<*0+(

769
:<:
:<*,:69,:
,5
3(
4H90*(
,:7(N63(e
3
7904,9
/0:;690(+69
+,

(8<,3
047,906
*63650(3b
65A(36
,95C5+,A
+,
=0,+6b
05:0:;K(
,5
8<,

<5(
*(9;(
+,
5(=,.(*0P5
,:7(N63(
,9(
*646
3,,9
r<5
*(3,5+(906
6
*(f
;C36.6
+,
36:
:(5;6:
56
4<@
)0,5
69+,5(+6se

+0-,9,5*0(
+,
36:
769f
;<.<,:,:
x8<,
,<967,0A()(5
36:
564)9,:
05+K.,5(:yb
36:
5,,93(5+,f
:,:b
05.3,:,:
@
-9(5*,:,:
,473,()(5
796*,+040,5;6:
+,
+,56405(*0P5

8<,
9,-3,1()(5
3(
<967(
+,
+65+,
796=,5K(5e
6:
5,,93(5+,:,:
,
05f
.3,:,:
(+1<+0*()(5
564)9,:
+,
:<:
*0<+(+,:b
796=05*0(:b
,?7369(+6f
9,:
@
.6),95(5;,:b
40,5;9(:
8<,
3(
564,5*3(;<9(
-9(5*,:(
,5
69;,(f
4H90*(
9,-3,1()(
36:
564)9,:
+,
36:
05+0=0+<6:
*<@6
7(;96*0506
,5
3(

*69;,
79646=,9K(
<5(
5<,=(
*63650(e
6:
564)9,:
,9(5
(3;,9(+6:
6

:<:;0;<0+6:
:,.T5
,3
*63650A(+69e
 3
05.3H:
6/5
40;/b
-<5+(+69
+,

(4,:;6>5b
3,
70+0P
(3
79K5*07,
(936:
<5(
7(;,5;,
8<,
3,
+0,9(
(<;6f
90+(+
7(9(
,30405(9
,5
69;,(4H90*(
;6+6:
36:
564)9,:
(:0.5(+6:
769

6;9(:
5(*065,:b
,5
-(=69
+,
36:
05.3,:,:e
(9(
36:
5,,93(5+,:,:b
,3
/,f
*/6
+,
8<,
:<:
564)9,:
xr(;(=0(s
7(9(
(2(9;(c
,3
9K6
r(<90;As

7(9(
,3
8<,
4C:
;(9+,
:,9K(
,3
<+:65y
-<,9(5
<;030A(+6:
769
6;96:
7(Kf
:,:
,9(
<5(
+,46:;9(*0P5
(+0*065(3
+,
:<
+,9,*/6
+,
76:,:0P5e
(
9,0f
5(
:(),3b
56
6):;(5;,b
,9(
,:*H7;0*(e
5
‘”Œ
3,
+016
(3
,4)(1(+69
,:f
7(N63
8<,
/(),9
r+(+6
564)9,
(
<5
9K6
6
<5
*()6
zeee{
56
3,:
*65-0,9,

z(
36:
,:7(N63,:{
<5
+,9,*/6
+,
79670,+(+se
6
8<,
*65;()(
,9(
3(
76f
:,:0P5
-K:0*(
@
3(
*(7(*0+(+
+,
4(5;,5,9
<5(
*63650(
769
3(
-<,9A(e
5

’‘Œ
36:
047,906:
,<967,6:
,5
<3;9(4(9
9,-3,1()(5
<5
796*,:6
+,
(+f
8<0:0*0P5
79(.4C;0*6b
76:,:0=6b
*647,;0;0=6
,
05,:;()3,e
 6
/()K(
<5

4(9*6
(*69+(+6
+,
+,9,*/6
6
<5
;90)<5(3
+,
(7,3(*065,:
+67+,
:,
7<f
+0,9(5
9(;0-0*(9
3(:
6*<7(*065,:b
*(9;(:b
9,*656*04€5;6:b
/0:;690(:b

*(9;6.9(-K(:b
3K40;,:
@
*,9,4650(:
+,
76:,:0P5
"#
$!2-b
4C:
(33C
+,
3(

9,;P90*(
+,
796*3(4(*065,:
@
*65;9(f796*3(4(*065,:b
36
8<,
:K
79,6f
*<7()(
(
36:
+07364C;0*6:
,5
3(
4,+0+(
,5
8<,
*65:630+()(
36:
05;,9,f
 0-*+
)
'
(0)*  •Ž '
 ./-0$q)

'
-$./$)

:,:
4,9*(5;030:;(:
+,
8<0,5,:
.6A()(5
+,
<5(
7(9;0*07(*0P5
,5
,3
047,f
*0P5
;9(;(965
+,
*65;963(9
36:
7(:6:
,:;9(;H.0*6:
(3
*H(56
K5+0*6
,5
,3

906b
8<,
,9(5
36:
8<,
4C:
;,5K(5
8<,
7,9+,9e
*()6
+,
<,5(
:7,9(5A(b
6*6;9(
-9,5;,
(3
<,956
+,
-90*(
(
3(
,5f
;9(+(
(3
(9
616b
@
94<A
@
(9H05
,5
,;
63-6
H9:0*6e
04,5;(965

:<
05-3<,5*0(
:<)@<.(5+6
(
36:
7,8<,N6:
,:;(+6:
4<:<34(5,:
+,
 -90f
*(
690,5;(3
@
*658<0:;(5+6
3(:
0:3(:
+,
(+(.(:*(9
@
(<90*06e

*65;0f
   
 
 
5<(*0P5b
,5
 ‘   b
3(:
-<,9A(:
+,
3)<8<,98<,
*(7;<9(965
(3(*(b
<5

:;(+6
*64,9*0(3
36*(3
-9,5;,
(
3(
0:3(
+,
<4(;9(
@
33(=,
+,
7(:6
/(*0(

(
(<;690+(+
:,
/()K(
+0:7,9:(+6
,5
36:
05*070,5;,:
047,906:
,<967,6:e

,3
(9
+,3
<9
+,
/05(e
<,
<5(
56;()3,
+,46:;9(*0P5
+,
3(:
76:0)030f
 3
7905*0706
<5
7,8<,N6
5T4,96
+,
7,9:65(:b
:05
,?7,90,5*0(
6
(7,5(:

+(+,:
+,
+640506
4(9K;046
*65
3(
(730*(*0P5
+,*0+0+(
+,
<5(
7,8<,N(

05:;9<**065,:
7,96
8<,
+0:765K(
+,
3(
;,*5636.K(
+,
3(
7P3=69(b
-<,
3(

-<,9A(e
8<,
;<=6
3(
050*0(;0=(e
5
:636
+6:
(N6:
+,:+,
,3
464,5;6
+,
:<
+,:,4f
,96
,3
H?0;6
769;<.<H:
:,
+,46:;9P
,5
T3;046
;H94056
:636
7(9f
)(9*6
,5
,9(*9<A
,5
1<306
+,
 ‘ • b
,3
*658<0:;(+69
,95C5
69;H:b

*0(3e
6
,:;()3,*0,965
<5
*65;963
+<9(+,96
+,3
*64,9*06
,5
,:7,*0(:b

1<5;6
*65
<56:
‘ŒŒ
105,;,:b
7<+0,965
+,996;(9
(3
047,906
(A;,*(
+,
4C:

:,+(
@
*(30*P
z;,10+6
+,
(3.6+P5{b
56
:636
7698<,
36:
5(=,.(5;,:
36*(3,:

+,
 
403365,:
+,
/()0;(5;,:e
(
67,9(*0P5
-<,
33,=(+(
(
*()6
(
7(9;09
+,

,9(5
;6+(=K(
*(7(*,:
+,
;9(,9
3(:
,:7,*0(:
-05(:
+,:+,
3(:
63<*(:
(
;9(f
<5
,5*(9.6
8<,
3,
/()K(5
(*69+(+6
,5
564)9,
+,
3(
*6965(
,:7(N63(

=H:
+,3
,:;9,*/6
+,
3(
65+(
/(:;(
*,/b
,5
,3
569;,
+,
<4(;9(b
:056

36:
4(.0:;9(+6:
+,
3(
r*0<+(+s
+,
,9(*9<A
8<,
H3
40:46
/()K(
,:;(f
7698<,
36:
769;<.<,:,:
5<5*(
*658<0:;(965
+H5b
(
3(
,5;9(+(
+,3
(9

)3,*0+6
(3
33,.(9e
<9(5;,
3(
+H*(+(
+,
‘ŽŒ
:<
040;(+69
9(5*0:*6
0f

616e
3
:;(+6
69;<.<H:
+(
05+0(
:,
)(:()(b
56
6):;(5;,b
,5
<5(
04f
A(996
*65=,5*0P
(
6;96:
,5*64,5+,96:
7(9(
69.(50A(9
<5(
,?7,+0*0P5

769;(5;,
9,(30+(+b
@
,9(
8<,b
(3
7(9;0*07(9
,5
,3
*64,9*06
05;9(f(:0C;0*6

)(*K(
r3
K9Ts
x,3
047,906
05*(
+,3
,9Tb
+,3
8<,
;,5K(5
=(.(:
56;0f
x7905*07(34,5;,
,?;69:065(5+6
*<6;(:
+,
796;,**0P5
4,+0(5;,
3(
,40f
*0(:yb
*65
9,*<9:6:
,?;9(K+6:
+,
36:
7904,96:
+,:7616:
+,3
H?0;6
4,?0f
:0P5
+,
:(3=6*65+<*;6:
(
36:
*64,9*0(5;,:
36*(3,:yb
*647,5:()(
36:

*(56e
 3
7905*0706
:636
*65;()(
*65
<56:
76*6:
:63+(+6:
+,
-69;<5(b

*6:;,:
+,
4(5;,5,9
:<
79,:,5*0(
@
+0:405<K(
3(
5,*,:0+(+
+,
04769;(9

7,96
(3
*()6
+,
;9,:
(N6:b
,5
56=0,4)9,
+,
‘Žb
,3
+,:;056
+,3
047,906

305.6;,:
+,:+,
<967(
7(9(
7(.(9
36:
(9;K*<36:
(:0C;0*6:
8<,
3<,.6
=,5f
05*(
8<,+P
:,33(+6
,5
<5(
:63(
;(9+,
,5
(1(4(9*(
*65
3(
*(7;<9(
+,3

+K(5
,5
<967(e
5+0(
*65:<4K(
796)()3,4,5;,
+6:
=,*,:
4C:
,:7,*0(:

9,@
;(/<(37(e
(
-69;<5(
/()K(
-(=69,*0+6
(
(8<,336:
76*6:
)9(=<*6f
+,3
:<9,:;,
+,
:0(
8<,
<967(b
@
/05(
;9,:
*<(9;(:
7(9;,:
+,
;6+(
3(

5,:e
3
696
:(8<,(+6
4,:,:
+,:7<H:
,9-
<A*6
/0A6
(
0A(996
@
:<:
:,f
7040,5;(
796+<*0+(
,5
<4(;9(e
3
+640506
+,3
*64,9*06
05;9(f(:0C;0f
.<0+69,:
4C:
90*6:
+,
36
8<,
76+K(5
/(),9
04(.05(+6
5<5*(e

36:
76f
*6
,9(
,3
5T*3,6
+,
3(
:<79,4(*K(
*64,9*0(3
769;<.<,:(e
*6:
(N6:b
56
6):;(5;,b
(8<,3
H?0;6
+06
7(:6
(
<5
7,9K6+6
+,
(4(9.(:
@

6:
+,79,+(+69,:
5,,93(5+,:,:
,
05.3,:,:b
8<,
/0*0,965
*<(5;6
7<f
:(5.90,5;(:
90=(30+(+,:b
8<,
56
:,
9,:63=0P
/(:;(
<5(
.,5,9(*0P5
+,:f
+0,965
7(9(
+,:4(5;,3(9
,3
047,906
*64,9*0(3
769;<.<H:
+,:+,
’ŒŒ
,5

7<H:
769
<5
.6)0,956
,:7(N63
8<,
:,
+,*0+0P
*65
*0,9;(
9,5<,5*0(
(
69f
(+,3(5;,b
,5;,5+0,965
3(:
3,**065,:
+,
36:
047,906:
46567630:;(:
4(9Kf
.(50A(9
-05(34,5;,
3(
*63650(e
;046:
,5
.,5,9(3
@
3(
04769;(5*0(
+,3
*64,9*06
05;9(f(:0C;0*6
,5
7(9;0f
5;9,
;(5;6b
,5
,3
*H(56
K5+0*6b
-65:6
+,
3)<8<,98<,b
,3
:,f
*<3(9e
65
4,+06:
(T5
4C:
9,:<,3;6:
,
0473(*()3,:
@
4(@69,:
9,*<9:6:

.<5+6
r.6),95(+69s
+,
3(
5+0(
769;<.<,:(b
+0:7<:6
<56:
*<(5;6:
9,f
8<,
36:
769;<.<,:,:b
36:
5,,93(5+,:,:
:,
,:-69A(965
769
*65;963(9
36:

+<*;6:
-69;0-0*(+6:
,5
3(
*6:;(b
+,:+,
36:
8<,
*65;963()(
,3
*64,9*06

7<5;6:
*3(=,
+,
3(
796+<**0P5
+,
7040,5;(
@
,:7,*0(:
(
*640,5A6:
+,

4(9K;046e
5
76*6
4C:
+,
<5(
+H*(+(b
@
:05
+0:765,9
5<5*(
+,
4C:
+,

:0.36b
@
769
,:;()3,*,9
:<
796706
+640506
,5
,3
*64,9*06
05;9(f(:0C;0*6e

‘
)<8<,:
@
(39,+,+69
+,
eŒŒŒ
/64)9,:
)(16
:<
4(5+6b
,:;()3,*0P

5
‘•’
33,.P
(
3(
)(/K(
+,
(5;H5
769
,3
,:;9,*/6
+,
65+(b
;9(:
*9<A(9

1<5;6
*65
:<:
*63()69(+69,:
3(
+09,**0P5
,:;9(;H.0*(
+,
<5
5<,=6
r:f
+09,*;(4,5;,
,3
*H(56
K5+0*6b
3(
7904,9(
-36;(
5,,93(5+,:(
*65
(94(f
;(+6sb
,3
:;(+6
69;<.<H:
+(
5+0(b
7(9(
;6+6
,3
:0.36
?=0e
65:;9<@,f
4,5;6
7,:(+6e
3
7<,9;6
+,
(5;H5
,9(
,3
4C:
04769;(5;,
+,
(=(b
.9(5

965
-69;0-0*(*065,:
4030;(9,:
@
)(:,:
5(=(3,:
,5
6*/05
x‘Œy
@
6(

796+<*;69(
+,
7040,5;(
@
,1,
+,3
;9C-0*6
4(9K;046
,5
,3
:<9,:;,
+,
:0(e

x‘Œyb
+,:+,
3(:
8<,
:64,;,9
(
36:
*64,9*0(5;,:
36*(3,:e

*65;05<(f
5
!
’ŒŽ
36:
.9(5+,:
*64,9*0(5;,:
5,,93(5+,:,:
:,
<50,965
,5
3(
64f

0-*+
)
'
(0)* ]
7(NK(
+,
3(:
5+0(:
90,5;(3,:
x*656*0+(
*646
 
d
#0##,'%"#
-12V

,"'1!&#
-+.%,'#yb
<5
*65:69*06
4,9*(5;03
8<,
-05(5*0()(
<5
796f
4,+06
+,
 
)<8<,:
(3
(N6
/(*0(
90,5;,
+<9(5;,
,3
7904,9
+,*,506
+,

:<
,?0:;,5*0(b
*65
,3
:<-0*0,5;,
H?0;6
7(9(
*65=,9;09:,
,5
<5(
05:;0;<*0P5

*<(:0
,:;(;(3
9,5;()3,
@
7,94(5,5;,e
5
’ Ž
:,
*65=09;0P
,5
:6*0,+(+

(5P504(
769
(**065,:
9,.0+(
769
36:
##0#,
 
e
“
*()(33,96:{
@
:,

+,*0+0P
564)9(9
<5
6),95(+69
,5,9(3
*65
-<5*065,:
,1,*<;0=(:e

6:
(.,5;,:
+,
3(
  
1<9()(5
3,(3;(+
(
36:
;((;,5f,5,9(3
x.6)0,9f
56
+,
3(
9,7T)30*(y
@
7964,;K(5
6);,5,9
@
796769*065(9
05-694(*0P5

:6)9,
36:
(*65;,*040,5;6:
,5
:0(b
@
;(4)0H5
*,+,9
:<:
5(=06:b
*(70;(3

@
4(56
+,
6)9(
(
3(:
(<;690+(+,:
5,,93(5+,:(:
,5
*(:6
+,
,4,9.,5*0(e


*(4)06
+0:765K(5
+,3
76+,9
7(9(
5,.6*0(9
;9(;(+6:b
*65:;9<09
-69;0-0f
*(*065,:
@
(30:;(9
:63+(+6:
@
;907<3(*065,:e
(
647(NK(
,9(
<5
(<?0f
30(9
7(9,16
+,3
:;(+6
5,,93(5+H:e
6+(:
4,56:
<5(
+,
3(:
7904,9(:
-36;(:
9,.9,:(965
*65
*(9.(4,5f
;6b
05-694(*0P5
@
,?7,90,5*0(b
*(+(
=,A
4C:
:0.50-0*(;0=(
,5
3(
*65:630f
+(*0P5
+,
3(
79,:,5*0(
5,,93(5+,:(
,5
90,5;,e
<58<,
36:
(**0650:;(:

56
9,*0)0,965
+0=0+,5+6:
/(:;(
’ Œ b
*646
,:(:
7(9;0*07(*065,:
9(9(f
4,5;,
:(3K(5
+,3
*K9*<36
050*0(3
+,
05=,9:69,:b
:<
=(369
(<4,5;Pe
 +,f
4C:b
36:
05=,9:69,:
.6A()(5
+,
<5(
76:0*0P5
790=03,.0(+(
,5
,3
.6)0,9f
56
+,
3(
647(NK(b
769
36
8<,
3(
79670,+(+
+,
(**065,:
:<765K(
3(

,5;9(+(
(
<5(
04769;(5;,
630.(98<K(e
<:
“
+09,*;69,:
;,5K(5
3(
*64f
730*(+(
;(9,(
+,
73(5,(9
3(:
67,9(*065,:
,5
,3
,1(56
90,5;,c
,5
:<:

;9,:
9,<5065,:
(5<(3,:
;64()(5
+,30*(+(:
+,*0:065,:
*64,9*0(3,:
@
76f
3K;0*(:e
(
)(:,
+,
67,9(*065,:
,5
3(:
5+0(:
90,5;(3,:
,:;<=6
7904,96
,5

(5;H5
@
3<,.6b
*<(5+6
3(:
9,3(*065,:
*65
36:
76+,9,:
+,3
05;,9069
+,
3(

0:3(
:,
+,;,9069(965b
,5
(2(9;(e
3
6),95(+69
,5,9(3
(5
0,;,9:f

A665
6,5
(730*P
*65
796=,*/6
3(:
3,**065,:
+,3
+640506
46567630:;(

769;<.<H:e
(
5<,A
46:*(+(
@
,3
4(*0:
:,
6);,5K(5
T50*(4,5;,
,5
3(:

0:3(:
+,
(5+(b
*<@6:
/()0;(5;,:
+,:*<)90,965
8<,
76+K(5
=,5+,9
:<:

,:7,*0(:
56
:636
(
36:
769;<.<,:,:b
:056
;(4)0H5
(
36:
05;,94,+0(906:

05.3,:,:b
@
*65
4,169,:
79,*06:
8<,
36:
*65;9(;(+6:
*65
36:
5,,93(5+,f
:,:e
6,5
69.(50AP
<5
(:(3;6
,5
’ Ž b
,473,(5+6
4,9*,5(906:
1(765,f
:,:b
8<,
+06
3<.(9
(
3(
4<,9;,
6
/<0+(
+,
;6+6:
36:
/()0;(5;,:
5(;0=6:

x,5;9,
eŒŒŒ
@
‘eŒŒŒy
:(3=6
<5
4033(9
,:*(:6e
<,965
:<:;0;<0+6:
769

,:*3(=6:b
*65=0*;6:
@
*65;9(;(+6:
:,40,:*3(=6:
8<,
*<3;0=()(5
3(:
5<,f
=(:
73(5;(*065,:
+,
,:7,*0(:e
:K
*64,5AP
,3
05;,5;6
5,,93(5+H:b
,5
T3f
;046
;H94056
,?0;6:6b
+,
047,+09
(
36:
90=(3,:
(:0C;0*6:
6
,<967,6:
3(
• '
 ./-0$*)

'
-$./$)
*6479(
+,
,:7,*0(:
+,
3(:
63<*(:e
,:+,
(33K
,?;,5+0,965
:<
05-3<,5f
*0(
(3
,:;,
@
(3
:<9
+,3
(9
+,
/05(b
+65+,
36:
+,:3<4)9(965
36:
-3<16:

+,
73(;(
+,:+,
(7P5
@
(503(e
5;9,;(5;ˆb
;(5;6
,336:
*646
36:
05.3,f
:,:
(796=,*/(965
3(
+,)030+(+
769;<.<,:(
,5
3(
*6:;(
690,5;(3
+,
3(
5f
+0(
x6964(5+,3yb
30470(965
,3
.63-6
+,
,5.(3(
+,
709(;(:
)094(56:

@
769;<.<,:,:
@
6);<=0,965
790=03,.06:
*64,9*0(3,:
,5
,5.(3(b

()90,5+6
(8<,33(
90*(
9,.0P5
(3
*64,9*06
05;,5:0=6
*65
:0(
@
*65
<f
967(e
05(34,5;,b
,5
’ ’ b
0,;,9
=(5
+,5
96,*2,b
40,4)96
-<5+(f
+69
+,
3(
647(NK(b
*9,P
r-(*;69K(:s
x9,+<*;6:
-69;0-0*(+6:y
,5
36
8<,

3(
*647(NK(
33(4()(
3(
r9,.0P5
6**0+,5;(3s
(
3(
,5;9(+(
+,3
(9
616e

0,;,9
=(5
+,5
96,*2,
796)P
(33K
,5
6*,(b
,5
’  b
r<5(
),)0+(
*(f
30,5;,
@
5,.9(s
8<,
3,
(504P
(
*65=,9;09:,
,5
,3
7904,9
4,9*(+,9
5,,9f
3(5+H:
,5
*64,9*0(9
*65
*(-He
5
36:
047,906:
,<967,6:
+,
<3;9(4(9
7(9;0*07()(
;6+6
;076
+,

.,5;,e
3
;H94056
r047,906
*64,9*0(3s
,:
(79670(+6b
05*3<:6
7(9(
36:

047,906:
*63650(3,:
/0:7C50*6:
,5
4H90*(b
7698<,
,9(5
36:
)(58<,96:

+,
36:
*,5;96:
465,;(906:
,<967,6:
@
:<:
(.,5;,:
,5
36:
7<,9;6:
+,
7(9f
;0+(
36:
8<,
796769*065()(5
,3
*(70;(3
@
+,;,9405C)(536
8<,
:,
*64f
79()(
@
:,
=,5+K(e
:6:
(76+,9(+6:
,9(5
,:,5*0(3,:
7(9(
,3
*64,9*08
,5

7040,5;(b
,:7,*0(:b
:,+(:
@
*(30*P:
+,
90,5;,b
*646
36
,9(5
7(9(
36:

4,;(3,:
79,*06:6:b
70,3,:b
;05;,:
@
(AT*(9
+,3
<,=6
<5+6e
(
;,*56f
36.K(
5(=(3
+,
<967(
:,
-<,
;9(5:-694(5+6
769
,3
*656*040,5;6
@
,?f
7,90,5*0(
+,
36:
4(905,96:
8<,
;907<3()(5
36:
)<8<,:b
36:
;9()(1(+69,:

+,
36:
(:;033,96:
8<,
36:
*65:;9<K(5b
36:
-<5+0+69,:
+,
*(N65,:
8<,
36:

(94()(5
@
36:
*(9;P.9(-6:
@
-()90*(5;,:
+,
05:;9<4,5;6:
+,
5(=,.(f
*0P5
8<,
3,:
(@<+()(5
(
9,*699,9
:<:
9<;(:e
3
5T4,96
+,
,<967,6:
8<,
:,
;9(:3(+(965
(
90,5;,
6
3(:
4H90f

*(:
(5;,:
+,
’‘Œ
,9(
4<@
46+,:;6b
@
4<*/6:
+,
,336:
36
/(*K(5
(+,f
4C:
*646
9,:0+,5;,:
;,4769(3,:e
<58<,
/()K(
<5(
*6990,5;,
*65;0f
5<(
+,
*63656:b
*646
36:
8<,
=0(1()(5
*(+(
(N6
+,:+,
36:
7<,9;6:

,:7(N63,:
/(*0(
3(:
4H90*(:b
56
,9(5
4C:
8<,
<56:
76*6:
403,:
+,
05f
+0=0+<6:
(3
(N6e
5;9,
6-(3(
x,3
-<,9;,
769;<.<H:
,5
(+(.(:*(9y
@

(*(6
56
/()K(
796)()3,4,5;,
4C:
+,
‘eŒŒŒ
769;<.<,:,:
,5
’ŒŒb

@
(796?04(+(4,5;,
,9(
,3
40:46
5T4,96
,3
+,
36:
r)<9.<,:,:
30)9,:s

5,,93(5+,:,:
,:;()3,*0+6:
,5
3(:
5+0(:
90,5;(3,:
/(*0(
’‘Œb
/()0,5f
+6
8<,+(+6
,5
<5
-0(:*6
36:
(4)0*06:6:
73(5,:
+,
*6360€A(*0P5
+,
6(5

(,;:<@2,9b
.6),95(+69
+,
,03C5
x’’f’‘Œyb
8<,
-<,
8<0,5
+<9(5;,

4C:
;0,476
,1,9*0P
,3
*(9.6
+,
.6),95(+69
.,5,9(3
,5
3(:
5+0(:
90,5f
;(3,:
5,,93(5+,:(:
x’‘f’“”ye

4,+0(+6:
+,
:0.36b
56
6):;(5;,b
 0-*+
)
'
(0)* c
 '
 ./-0$q)

'
-$./$)

<,=(
4:;,9+(4
x4C:
;(9+,
<,=(
692y
7<+6
*65;(9
*65
(39,+,f

+,)K(
(
:<
76+,9
*646
+0B:769(
4,9*(5;03b
@
:<
+0:7,9:0P5
,?730*(
769

+69
+,
“eŒŒŒ
,<967,6:b
40,5;9(:
8<,
3(
*6990,5;,
+,
,40.9(5;,:
05.3,f
8<H
:<
3,5.<(
:0.<0P
:0,5+6
3(
*',%3
$0,!
+,3
*64,9*06
,5
3(:
*6:;(:

:,:
(
4H90*(
*65;90)<@P
(
<5
*9,*040,5;6
*63650(3
*65;05<6
x655,*f
+,
:0(
+,:7<H:
+,
8<,
,3
796706
047,906769;<.<H:
:,
/<)0,9(
+,:=(f
;0*<;b
‘e‘ŒŒ
,5
’c
(::(*/<:,;;:b
<56:
’eŒŒŒc
09.050(b
(39,+,+69

5,*0+6e
+,
‘eŒŒŒye
(
*63650A(*0P5
,<967,(
+,
3(:
0:3(:
+,3
(90),
-<,
,5
*(4f
5
3(
(;(=0(
5,,93(5+,:(
@
,5
3(
(503(
,:7(N63(
,3
7(569(4(
,9(

)06
,:7,*;(*<3(9e
6:
*63656:
73(5;(+69,:
9,*0)K(5
,5
*65+0*065,:
-Cf
:0403(9e
(*0(
’‘Œb
*<(5+6
3(
*0<+(+
(4<9(33(+(
+,
(;(=0(b
*65:;9<0f
*03,:
;0,99(
-H9;03
@
:,
76+K(5
6);,5,9
.9(5+,:
),5,-0*06:
+,3
*<3;0=6
+,

+(
,5
3(
+H*(+(
+,
’ŽŒb
,:;()(
33,5(
(
9,)6:(9b
36:
5,,93(5+,:,:
:,
,4f
;()(*6b
K5+0.6
@
(3.6+P5e
(*0(
’Œ
3(
76)3(*0P5
,<967,(
+,
3(:
(9f
7(9,1()(5
*65
5(;0=(:
+,)0+6
(
3(
.9(5
,:*(:,A
+,
4<1,9,:
,<967,(:

)(+6:
:<7,9()(
36:
ŒeŒŒŒ
/()0;(5;,:
@
3(
+,
;
0;;:
,9(
+,
(39,+,+69

+,:,6:(:
+,
=0(1(9
(3
,1(56
90,5;,e
6:
+09,*;69,:
+,
3(
*647(NK(

+,
ŽŒeŒŒŒb
*65
+,5:0+(+,:
+,
(:,5;(40,5;6
8<,
90=(30A()(5
*65
3(:
+,

05:0:;K(5
,5
8<,
:636
:,
76+K(5
*(:(9
*65
3(
*65+0*0P5
+,
8<,
:<:
4<1,f
3(:
9,.065,:
,*65P40*(:
4C:
(=(5A(+(:
+,
3(
79670(
<967(e
9,:
-<,9(5
)(<;0A(+(:
*646
*90:;0(5(:
@
8<,
:<:
/016:
+#12'#i#,
xr@
:<:

6:
7904,96:
047,906:
,<967,6:
,5
<3;9(4(9
:,
(:,.<9()(5
050f
,:*3(=6:
,5
3(
4,+0+(
+,
36
76:0)3,sy
-<,9(5
,+<*(+6:
*646
*90:;0(56:

*0(34,5;,
,5
<56:
*<(5;6:
7<5;6:
56+(3,:e
5
3(
*6:;(
+,
-90*(
@
,5
,3

@
:,
3,:
,5:,N(9(
3(
3,5.<(
5,,93(5+,:(e
6:
*63656:
5,,93(5+,:,:
=0f
,1(56
90,5;,
,9(5
-(*;69K(:b
,:;9(;H.0*(4,5;,
:0;<(+(:
7(9(
4(5;,f
=K(5
1<5;6
(
36:
1(=(5,:,:
@
6;96:
(:0C;0*6:
8<,
/()K(5
(+67;(+6
7(9;,

5,9
<5
;69508<,;,
,5
;6956
(
36:
7<5;6:
+,
()(:;,*040,5;6
@
*64,9*06e

+,
3(
*<3;<9(
,<967,(
x+0"')#01yb
(:K
*646
*/056:
8<,
/()3()(5
769;<f
5
3(
4H90*(
*63650(3
,9(5
36:
7<,9;6:
+,
*(9.(
@
+,:*(9.(
@
3(:
*(70f
.<H:
7,96
8<,
(7(9;,
+,
,:6
=0=K(5
+,
(*<,9+6
*65
:<:
79670(:
;9(+0f
;(3,:
+,:+,
3(:
8<,
:,
.6),95()(e
(*0(
’ŽŒ
:,
/()K(5
*9,(+6
,5
4Hf
*065,:e
(
*658<0:;(
+,
3(
4H90*(
,:7(N63(
;(4)0H5
:<7<:6
8<,
36:

90*(
,5;9(3
@
+,3
<9
(39,+,+69
+,
ŽŒŒ
*0<+(+,:b
*65:;9<0+(:
:0.<0,5f
*63656:
,<967,6:
*65:;0;<@,9(5
<5(
40569K(
,5;<-,
3(
76)3(*0P5
05+Kf
+6
<5(
7(<;(
/076+C40*(
x;9(A(+6
,5
+(4,96y
8<,
9,796+<*K(
3(

.,5(b
7,:,
(
36:
,:-<,9A6:
769
:,7(9(936:e
(:
405(:
@
73(5;(*065,:
9,f
*65*,7*0P5
+,
3(
H76*(
:6)9,
36
8<,
+,)K(
:,9
<5(
*0<+(+
0+,(3e
9(5

8<,9K(5
;9()(1(+69,:
,:7,*0(30A(+6:
@
:,40f,:7,*0(30A(+6:
(:K
*646

:<:
*,5;96:
1<+0*0(3,:
@
(+4050:;9(;0=6:b
;,P90*(4,5;,
,5;0+(+,:
(<;6f

,:*3(=6:
04769;(+6:
+,
-90*(e
65
,3
;0,476b
3(
76)3(*0P5
+,
690.,5

.6),95(+(:
4,+0(5;,
*65*,16:
*63650(3,:b
7,96
9,:765:()3,:
-9,5;,
(
36:

,<967,6
5(*0+(
,5
4H90*(
x36:
*906336:y
:,
4<3;0730*(965
/(:;(
*65f
;90)<5(3,:
+,
1<:;0*0(
36*(3,:
x(<+0,5*0(:y
@
36:
=099,@,:e
(
(7(90*0P5
+,

=,9;09:,
,5
,3
.9<76
4C:
:0.50-0*(;0=6
+,
3(:
,30;,:
+,
H?0*6
@
,9T
@

,:;6:
T3;046:
,5
<,=(
:7(N(
,5
‘

‘
@
,5
,9T
,5
‘
*(9(*;,90A()(

+(5+6
3<.(9
(
<5
:,5;040,5;6
796706
+,
0+,5;0+(+
*63650(3
(4,90*(5(e
<5
:;(+6
+,*0+0+6
(
.6),95(9
:<:
*63650(:
;(5
+09,*;(4,5;,
*646
-<,9(

,96
,5
’‘Œ
,:(:
0+,5;0+(+,:
*63650(3,:
,<967,(:
,:;()(5
;6+(=K(

76:0)3,
:0.<0,5+6
3K5,(:
,<967,(:b
7,:,
(
3(
+0:;(5*0(e
769
/(*,9b
@
3(
4,A*3(
*65
36:
(<;P*;656:
56
;,5K(
7<5;6
+,
*647(9(f
5
3(
4(@69K(
+,
,:6:
7<5;6:
56+(3,:b
@
;6+(=K(
4C:
-<,9(
+,
,336:b

*0P5
*65
3(
*64<50*(*0P5
*65;05<(
*65
3(
<967(
4,;967630;(5(e
6:

36:
,<967,6:
*65:;0;<K(5
<5(
,?0.<(
40569K(e
636
,5
3(:
0:3(:
+,3
(90f
*63656:
,5
<3;9(4(9
;9(;()(5
+,
+0:;(5*0(9:,
+,
3(
76)3(*0P5
36*(3
05+Kf
),b
+65+,
,3
,?;,940506
+,
36:
7<,)36:
05+K.,5(:
+06
7(:6
(
:<
:<:;0;<f
.,5(b
,:7,*0(34,5;,
*646
9,:7<,:;(
(
3(:
*9K;0*(:
33,.(+(:
+,:+,
3(
4,f
*0P5
769
,<967,6:b
@
,5
3(:
*63650(:
05.3,:(:
,5
69;,(4H90*(b
+65+,

;9P7630e
(
=(369(*0P5
+,3
6;96
*646
r)C9)(96s
5<5*(
-<,
4C:
9,-05(f
3(
*63650A(*0P5
:<765K(
,47<1(9
/(*0(
,3
05;,9069
(
36:
7<,)36:
05+K.,f
+(
8<,
,5;9,
36:
,<967,6:
+,:73(A(+6:
(3
,?;9(51,96b
,47,N(+6:
,5

5(:b
*65:;0;<K(5
<5(
4(@69K(e
5
3(:
-(*;69K(:
769;<.<,:(:
+,3
,1(56

9,(-094(9
:<
:<7,90690+(+e
5
:<
'12-0'
#,#0*
"#
*1
,"'1
x‘‘Žyb

90,5;,b
36:
*63656:
,<967,6:
:,
*65=,9;K(5
,5
*(),A(:
+,
-(4030(
*(f
:C5+6:,
*65
4<1,9,:
36*(3,:
+,
+0=,9:(:
,;50(:
@
9,30.065,:e
5
6(b
9(5*0:*6
P7,A
+,
64(9(
1<:;0-0*()(
*646
r4,169(s
3(
*658<0:;(
+,

769
,1,4736b
36:
769;<.<,:,:
=0=K(5
1<5;6
(
36:
*64,9*0(5;,:
.<1(9(;K,:
(
0:7(5063(
@
3(
<,=(
:7(N(c
<56
+,
36:
9,*0,5;,:
*63656:b
65f
@
4<:<34(5,:
@
36:
4,9*(+,9,:
(94,506:
@
1<+K6:b
/05+T,:
+,
+0=,9:(:
A(36
,95C5+,A
+,
=0,+6
(9.<4,5;()(
8<,
(8<,33(:
9,.065,:
/()K(5

*(:;(:b
*90:;0(56:
5,:;690(56:b
@
;(4)0H5
*64,9*0(5;,:
4(3(@6:
@
*/0f :0+6
;9(5:-694(+(:
769
,336:
+,
<5(
-694(
8<,
36:
05+€7:
:,
/()K(5
+,f
56:e
5
(8<,33(:
*09*<5:;(5*0(:
9,:<3;()(
56;()3,
8<,
36:
769;<.<,:,:
46:;9(+6
05*(7(*,:
+,
/(*,9d
r505.T5
05.,506
+,:;6:
z463056:
+,
(ATf
56
-<,9(5
;6;(34,5;,
():69)0+6:
,5
3(
:6*0,+(+
36*(3b
7,96
(8<,336
:, *(9{
/(33(46:
,5
,:;(:
5+0(:b
@
8<,
769
5<,:;9(:
4(56:
H
05+<:;90(
:,

/(5
-,*/6
,5
;(5
)9,=,
;0,476se
6:
05+06:
(4,90*(56:
9,79,:,5;()(5
 0-*+
)
'
(0)* 
•” '
 ./-0$q)

'
-$./$)

7(9(
36:
*63656:
;6+6
36
8<,
,336:
56
,9(5
6
56
8<,9K(5
:,9e
9(5
)C9)(f
+,
36:
:,7(9(;0:;(:
796;,:;(5;,:
,5
<,=(
5.3(;,99(
6
36:
1,:<0;(:
,5

96:b
7(.(56:b
/63.(A(5,:
,
099(*065(3,:b
8<,
+,)K(5
:,9
;9(;(+6:
*65

(9(.<(@yb
8<,9K(5
*9,(9
<5
69+,5
,<967,6
4,169
8<,
(8<,3
+,3
8<,
:,

+<9,A(b
+01,9(
36
8<,
+01,9(
3(
3,.0:3(*0P5
9,(3c
:<:
796;,:;(:
x*646
36:

/()K(5
(3,1(+6e
(9(
36:
40:065,96:
-9(5*0:*(56:b
,:6
:0.50-0*()(
9,(30f
+0:;<9)06:
8<,
;<=0,965
3<.(9
,5
(/K(
,5
’ 
6
6
,5
(6
(<36
@
06
+,

A(9
,3
:<,N6
403,5(906
+,
3(
90:;0(5+(+e
6:
7904,96:
1,:<0;(:
=,K(5

(5,096
,5
’Œy
56
,9(5
:056
3(
79<,)(
+,
8<,
56
:,
76+K(
*65-0(9
,5

3(:
4H90*(:
*646
<5(
6769;<50+(+
7(9(
9,*9,(9
,3
+H5e
r0
/(@
<5

,336:e
7(9(K:6
:6)9,
3(
;0,99(
v ,:*90)K(
<5
1,:<K;(
,5
‘’Œb
(:64)9(+6
769
3(

0
36:
+09,*;69,:
+,
3(
647(NK(
,,93(5+,:(
+,
3(:
5+0(:
90,5f
,?;9(N(
-369(b
36:
,?P;0*6:
(504(3,:
@
,3
;,99,56
:(3=(1,v
,:
:05
+<+(

;(3,:
05:0:;K(5
,5
8<,
36:
7<,)36:
+,
:0(
+,)K(5
:,9
;9(;(+6:
*65
,8<0f
(8<Kb
,5
9(:03es
+(+
,:
7698<,
56
:63K(
:,9
(:Ke
(:
+,*0:065,:
9,.0:;9(+(:
,5
36:
30)96:

(
*65=,9:0P5
+,
36:
05+06:b
,5
7(9;0*<3(9b
,9(
<5
+,:(-K6
,:7090;<(3

+,
8<,1(:
+,
:<:
-<5*065(906:
,5
(;(=0(
:,
9,-0,9,5
*65
-9,*<,5*0(
(

6-9,*0+6
769
06:
*646
79,3<+06
7(9(
,3
<0*06
05(3e
,96
7(9(
:,9

36:
05+65,:06:b
*/056:
@
4<:<34(5,:
*65
,7K;,;6:
+,:7,*;0=6:
x*646

=C30+(b
3(
*65=,9:0P5
;,5K(
8<,
:,9
(3.6
4C:
8<,
<5(
*65-6940+(+
(7(f
r=03,:sb
r7(;(5,:sye
:;6
33,=P
(3
5(;<9(30:;(
5,,93(5+H:
(26)
65;0<:

9,5;,e
3
)(<;0:46
+,)K(
09
79,*,+0+6
769
3(
05:;9<**0P5
,5
3(
-,b
3(
79Hf
(
796;,:;(9
*65;9(
,3
+,:79,*06
+,
:<:
7(0:(56:
/(*0(
36:
(:0C;0*6:

+0*(b
,3
*(;,*0:46
@
3(
,+<*(*0P5b
(*647(N(+(:
769
3(
(*<3;<9(*0P5
,5

*646
r*0,.6:
7(.(56:sb
r4696:
;9(0*065,96:sb
@
r)C9)(96:
05T;03,:se

36:
46+6:
,<967,6:
+,
7,5:(9
@
*64769;(9:,e
(
;(9,(
:,
+,46:;9()(

5
79,+0*(+69
+,
3(
.3,:0(
,-694(+(
5,,93(5+,:(
*647(9P
,5
’ ‘

79C*;0*(4,5;,
0476:0)3,e
5:,N(9b
*(;,8<0A(9
@
)(<;0A(9
(
*0,5;6:
+,

3(
:6)90,+(+
+,
36:
4<:<34(5,:
+,
4)605(
*65
3(
796*30=0+(+
(
3(

403,:
+,
05+06:
*65
36:
7,8<,N6:
9,*<9:6:
(
:<
(3*(5*,
:636
76+K(
/(f
,)90,+(+
+,
:<:
*647(;906;(:
,<967,6:e
3
*(70;C5
0,;
,05b
/,960*(

*,9:,
(
7(;(+(:e
,9:<(+09
<
6)30.(9
(
36:
05+06:
(
05:;(3(9:,
,5
3(:
*0<f
-0.<9(
+,
3(
<,99(
+,
36:
*/,5;(
N6:
*65;9(
36:
,:7(N63,:b
:09=0P

+(+,:b
69.(50A(+(:
,5
;646
(
<5(
0.3,:0(
@
<5
765=,5;6
9,:,9=(+6

;(5;6
,5
3(:
5+0(:
6**0+,5;(3,:
*646
,5
3(:
690,5;(3,:
(
7905*0706:
+,3

7(9(
,336:
+,
4(5,9(
8<,
7<+0,9(5
,+<*(9:,
,5
36:
46+6:
,<967,6:b

:0.36
?=5e
<,
;,:;0.6
+09,*;6
+,
3(
/6:;030+(+
+,
36:
5(;0=6:
/(*0(
3(

;,5K(
<5
*6:;,e
06
3<.(9
(
<5
*90:;0(50:46
/K)90+6b
8<,
;,5K(
*0,9;(:

(996.(5*0(
+,
36:
,<967,6:d
r0,5;,5
4<@
796-<5+(4,5;,
,3
+(N6
8<,

(-050+(+,:
*65
,3
7(569(4(
9,30.06:6
+,
-05(3,:
+,
3(
+(+
,+0(
,5

:,
3,:
/(
/,*/6b
@
769
,:6
:,
*64769;(5
(T5
4C:
:(3=(1,4,5;,
+,
36

<967(b
+65+,
,3
*<3;6
+,
3(
09.,5
:,
*65-<5+K(
*65
36:
+,
3(:
+06:(:

8<,
@(
:65e
<(5+6
<5
.<:(56
,:
70:6;,(+6b
:,
9,;<,9*,
+,
+6369e
j:

+,3
4(KA
@
3(
4(+9,
;0,99(e
6:
90;6:
+,
-,9;030+(+
7(.(56:
,9(5
*90:;0(f
:6979,5+,5;,
,5;65*,:
8<,
<5
05+06
;9(;(+6
051<:;(4,5;,
:,
=,5.<,

50A(+6:
4,+0(5;,
3(
05*3<:0P5
+,
<5(
40:(
@
<5(
796*,:0P5
79,30405(f
*65;9(
<56
<
6;96ise
:*90)K(
(
9(KA
+(+(
4(;(5A(
+,
,<967,6:
769
36:

9,:
7,96
:,.<K(5
:0,5+6
0+,5;0-0*()3,:
769
3(
.,5;,
36*(3
769
36
8<,
,9(5

05+06:
,5
09.050(
,5
’ŽŽb
<56
,5;9,
36:
4<*/6:
05*0+,5;,:
,5
36:
8<,

(5;,:e
(3
/0)90+(*0P5
*/6*()(
*(+(
=,A
4C:
*65
,3
*90:;0(50:46
x*(;Pf
,3
*65-30*;6
H;50*6
@
9(*0(3
05;,5:0-0*P
3(
:,5:0)030+(+
+,
36:
,<967,6:e

30*6y
9,-694(+6
76:;,9069
(
3(
,-694(e
<(5+6
36:
-9(5*0:*(56:
9,f
01236--
=(5
6,5:b
6),95(+69
,5,9(3
+,
3(:
5+0(:
90,5;(3,:
,,9f
-3,?065()(5
:6)9,
:<:
,:-<,9A6:
@
:<:
9,3(*065,:
(
4,5<+6
*9K;0*(:
*65

3(5+,:(:
x’ “ ” f’ ” yb
,9(
4<@
*65:*0,5;,
+,
:<
,<967,0+(+
*<(5+6

3(:
(<;690+(+,:
:,*<3(9,:
,5
3(
4H90*(
,:7(N63(
769
:<
;9(;6
(
36:
05f
,:*90)K(
,5
’“‘d
r646:
469;(34,5;,
6+0(+6:
769
;6+(:
3(:
5(*065,:

+06:b
:<
:<,N6
403,5(90:;(
:,
+,:=(5,*K(e
<
+,*,7*0P5
-694()(
7(9;,

+,
:0(se
+,
3(
+0-<405(*0P5
+,
3(
0+,(
,:;()3,*0+(
+,
3(
90:;0(5+(+
6**0+,5;(3

<(5+6
36:
*63650(30:;(:
:,
*647(9()(5
*65
:<
3,1(5(
4(+9,
7(f
*646
*64<50+(+
+,
*9,,5*0(:e
(:
,:7,9(5A(:
+,
3(
33,.(+(
+,3
9,056

;90(b
:,
+,:*<)9K(5
+,
9,7,5;,
(
:K
40:46:
*646
0.<(3,:b
@
:05
,4)(9f
+,
90:;6
7,94(5,*K(5b
*<(5+6
4C:b
,5
,3
:,56
+,3
5<,=6
(4)0,5;,

.6
+0-,9,5;,:
+,
:<:
7(0:(56:
+,
690.,5e
:;6
-<,
<5(
7,8<,N(
7(9;,

*65-,:065(3
*65-30*;0=6
+,
3(
,-694(
796;,:;(5;,b
,5;9,
36:
7<90;(56:

+,3
796*,:6
769
,3
8<,
3(
90:;0(5+(+
:,
+,:*647<:6
,5
(3.6
+0:;05;6e

+,
<,=(
5.3(;,99(
6
36:
1,:<0;(:
,5
(9(.<(@b
+,*0+0+6:
(
*6473,;(9

<*/6:
+,
36:
7904,96:
*63656:
,5
3(
4H90*(
,:7(N63(
;9(;()(5
+,

3(
;(9,(
+,
*90:;0(50A(9
(
36:
05+06:
<;030A(5+6
36:
9,*<99K:
+,
<5(
90:f
9,*9,(9
,3
4<5+6
8<,
/()K(5
+,1(+6
(;9C:e
;96:
x,5
7(9;0*<3(9
36:

;0(5+(+
*(;P30*(
.36)(3e
-9(5*0:*(56:
+,
3(:
40:065,:b
@
,5
<5
*65;,?;6
+0-,9,5;,
3(:
,-K4,9(:

5
,3
,1(56
90,5;,
,3
*90:;0(50:46
:,
,5*65;9P
*65
9,(30+(+,:

*64<50+(+,:
796;,:;(5;,:
-9(5*,:(:
,5
9(:03
@
3690+(b
*646
4C:
;(9f
4<@
+0:;05;(:e
(
*65*0,5*0(
05;,5:0-0*(+(
+,3
+,:(-K6
0:3C40*6
(
3(
 0-*+
)
'
(0)*  
90:;0(5+(+
,5
,3
:0.36
?=0
56
,9(
:0473,4,5;,
<5(
9,:7<,:;(
(
3(
(4,f
5(A(
6;64(5(
(3
-3(5*6
:<9690,5;(3
,<967,6b
:056
;(4)0H5
796+<*;6
+,

3(
(796?04(*0P5
+,
<967(
(3
0:3(4
,5
,3
*H(56
K5+0*6
@
,5
,3
,1(56

90,5;,e
33K
+65+,
,3
0:3(4
*65:;0;<K(
<5(
79,:,5*0(
:0.50-0*(;0=(b
36:

,:-<,9A6:
+,
36:
40:065,96:
*90:;0(56:
:,
+,46:;9()(5
4C:
(9+<6:b
@

3(:
(*;0;<+,:
36*(3,:
/(*0(
36:
769;<.<,:,:
x@
,5
4,569
4,+0+(
36:

5,,93(5+,:,:
,
05.3,:,:
,5
,3
:0.36
 H
:,
/(*K(5
/6:;03,:e
:K
:<*,+0P

,5
+,;,9405(+6:
3<.(9,:
+,
3(
*6:;(
690,5;(3
+,
-90*(b
7,96
;(4)0H5
,5

,3
,1(56
90,5;,e
5
3(:
0:3(:
(5+(b
769
,1,4736b
36:
*3H90.6:
4<f
:<34(5,:
:<7,9()(5
*65
4<*/6
(
36:
40:065,96:
*90:;0(56:
@
-<,
:636

,5
9,.065,:
56
0:3(40A(+(:
+,
5+0(
6
,5
0:3(:
*646
4)605(
x=0:0;(+(

769
,3
1,:<K;(
9(5*0:*6
(=0,9
,5
 ‘’yb
,5
3(:
8<,
,3
0:3(4
56
/()K(

7,5,;9(+6
;6+(=K(b
+65+,
,3
*90:;0(50:46
36.9P
*0,9;6
(99(0.6e
5
6;96:

3<.(9,:
+,
5+65,:0(
,3
0:3(4
:,
,:;()(
,?;,5+0,5+6
9C70+(4,5;,b
,:7,f
*0(34,5;,
(33K
+65+,
,3
/05+<0:46
,:;()(
,5
9,;09(+(e
6:
:<3;(5(;6:

4,9*(5;03,:
4<:<34(5,:
+,
3(
*6:;(
+,
(=(
:,
+,46:;9(965
36:
4C:

/6:;03,:
(
36:
*658<0:;(+69,:
769;<.<,:,:
+,
(3(*(e
,
-694(
:040f
3(9b
3(
+0-<:0P5
+,3
0:3(4
,5
,3
:<9
+,
5+0(
+<9(5;,
,3
:0.36
?=0
(4,5(f
A()(
3(
79,:,5*0(
769;<.<,:(b
05*3<:6
,5
6(
x8<,
9,:0:;0P
+<9(5;,
+6:

(N6:
<5
(:,+06
050*0(+6
,5
‘’•ye
(9(
,5;65*,:
,3
*90:;0(50:46
*65;9(99,-694(+6
:,
,:;()(
+,1(5+6

:,5;09
;(4)0H5
,5
5+0(e
<)6
05;,5;6:
+,
,?*3<09
(
36:
56
*90:;0(56:
+,

36:
6-0*06:
7T)30*6:e
5
‘’Œ
:,
*9,P
<5(
58<0:0*0P5
7(9(
05=,:;0.(9

(
36:
(7P:;(;(:
@
/,9H;0*6:b
,5;9,
36:
8<,
:,
05*3<K(
(
36:
*90:;0(56:
5,:f

;690(56:b
6-0*0(34,5;,
+,5<5*0(+6:
,9~0
‘••
,5
<5
:K56+6
+,
3(
.3,:0(

(;P30*(
769;<.<,:(
,5
+(@(47,9669
x0(47,9yb
@
8<,
-<,965
+0f
:<,3;6:
+<9(5;,
<5
;0,476
*646
*64<50+(+
69.(50A(+(e
(
4(@69K(

+,
3(:
*65=,9:065,:
(3
*90:;0(50:46
:,
796+<1,965
,5;9,
05+06:
+,
*(:;(:

)(1(:
8<,
;9(;()(5
+,
,:*(7(9
(
3(:
79,:065,:
+,
(8<,3
:0:;,4(
:6*0(3e
3

*,36
40:065,96
*65;90)<@P
(
+,:7,9;(9
,5
3(:
76)3(*065,:
05+K.,5(:
,3

6+06
/(*0(
36:
769;<.<,:,:
*646
709(;(:
@
7,9:,.<0+69,:e
0
,:6
40:46

56
:<*,+0P
*65
36:
5,,93(5+,:,:
,5
,3
,1(56
90,5;,
(
7905*0706:
+,3

:0.36

-<,
7698<,
,3
*90:;0(50:46
9,-694(+6
*(9,*K(
+,
*,36
40:06f
5,96
@
;(4)0H5
7698<,
36:
*63650(30:;(:
,?736;()(5
,5
:<
796706
),5,f
-0*06
3(:
90=(30+(+,:
,5;9,
36:
76+,9,:
0:3C40*6:
36*(3,:
@
*65;9(
36:

769;<.<,:,:e
6:
047,906:
+,
<3;9(4(9
+,7,5+K(5
+,
3(
5(=,.(*0P5
4(9K;04(e

6:
*65=6@,:
8<,
=0(1()(5
+,:+,
,3
9K6
<(+(38<0=09
x,=033(
@
C+0Ay

/(*0(
3(
4H90*(
,:7(N63(
@
+,:+,
,3
(16
x 0:)6(y
/(*0(
,3
,1(56
 '
 ./-0$q)

'
-$./$)
90,5;,
,:;()(5
69.(50A(+6:
@
7(.(+6:
769
36:
*64,9*0(5;,:
9,:7,*;0f
=6:e
5
3(
6-0*05(
05+0(
+,
0:)6(b
*9,(+(
,5
‘Œ‘f‘Œ’
7(9(
:<7,9=0f
:(9
,3
*64,9*06
769;<.<H:
*65
:0(
v *6;76
,5
:<
,8<0=(3,5;,
,:7(N63b

*65:;0;<0+6
<5
7(9
+,
(N6:
(5;,:v
,3
7(7,3,6
+,
<5
047,906
4,9*(5;03

:,
(*<4<3()(
(
4,+0+(
8<,
*9,*K(5
3(:
*6473,10+(+,:
+,
(8<,33(:
67,f
9(*065,:
*63650(3,:e
3
=0(1,
(
:0(
:<765K(
=0.69
@
*69(1,e
(
-36;033(
+,

/(:;(
+0,A
)<8<,:
7(9;K(
,5;9,
-,)9,96
@
()903
+,
0:)6(
,5
<5
=0(1,

+,
0+(
+,
ŒeŒŒŒ
24
x,3
,8<0=(3,5;,
(
*09*<55(=,.(9
,3
.36)6
769
:<

,*<(+69yb
8<,
79,;,5+K(
(796=,*/(9
36:
=0,5;6:
,*<(;690(3,:
+,3
=,9(f
56
@
3(:
*6990,5;,:
+,:+,
3(
*6:;(
+,
<+(4H90*(
7(9(
96+,(9
,3
*()6
+,

<,5(
:7,9(5A(
7(9(
3<,.6
:<)09
769
3(
*6:;(
+,
-90*(
690,5;(3
@
33,f
.(9
/(:;(
3(
-69;(3,A(
769;<.<,:(
+,
(5
,)(:;0C5
,5
3(
0:3(
+,
6A(4f
)08<,b
3(
7904,9(
6769;<50+(+
7(9(
(3.T5
*64,9*06
3<*9(;0=6e
8<,33(

7(9;,
+,3
=0(1,
,9(
3(9.(
@
,?;,5<(5;,
(<58<,
56
:<*,+0,9(
5(+(
,:7,f
*0(3e
6:
(304,5;6:
-9,:*6:
:,
(.6;()(5b
3(:
(9;0*<3(*065,:
@
,5*K(:
:,

/05*/()(5
@
:63K(
/(),9
+0:,5;,9K(
(
)69+6e
6
,9(
05-9,*<,5;,
8<,
<5(

;,9*,9(
7(9;,
+,
3(
;907<3(*0P5
4<90,9(
+<9(5;,
,3
=0(1,e
,:+,
(33K
:,f
.<K(5
3(
*6:;(
/(:;(
,3
,?;9,46
569;,
+,
64(30(b
(5;,:
+,
*9<A(9
,3

*H(56
K5+0*6e
,:+,
6(
@
6*/05
36:
769;<.<,:,:
=0(1()(5
/(:;(

(3(*(b
(796=,*/(5+6
36:
=0,5;6:
+,3
465AP5e
6:
5,,93(5+,:,:
:6f
3K(5
<;030A(9
<5
5T4,96
4(@69
+,
)<8<,:
4C:
7,8<,N6:c
/(:;(
<5
*,5f
;,5(9
+,
<5(:
’ŒŒ
;65,3(+(:
*(+(
<56b
-9,5;,
(
3(:
*(99(*(:
769;<.<,:(:

+,
/(:;(
eŒŒŒ
;65,3(+(:e
3
=0(1,
+,
=<,3;(
,?0.K(
/(*,9:,
(
3(
4(9
(5;,:
+,
(=0+(+
+,3
(N6

:0.<0,5;,
7(9(
(796=,*/(9
36:
465A65,:
-(=69()3,:
@
3<,.6b
<5(
=,A
,5

,3
;3C5;0*6b
+,1(9
8<,
36:
=0,5;6:
+,3
:<9,:;,
33,=(9(5
3(:
5(=,:
/(*0(
,3

5696,:;,
/(:;(
33,.(9
(
3(
*(34(
*/0*/(
+,
)(1(
79,:0P5
+,3
*<(+69b

,:7,9(5+6
+(9
*65
=0,5;6:
@
*6990,5;,:
8<,
36:
33,=(9(5
+,
5<,=6
/(:;(

3(:
A69,:
@
3(
*6:;(
,<967,(e
C:
+,3
’
769
ŒŒ
+,
36:
)<8<,:
:,
7,9f
+0,965
:05
33,.(9
5<5*(
(
:<
+,:;056b
@
36:
8<,
36
/(*K(5b
/()0,5+6
7(9f
;0+6
+,
<967(
*(9.(+6:
+,
3(:;9,b
4,;(3,:
79,*06:6:
@
*6)9,
(+,4C:

+,
(3.<56:
(9;K*<36:
*64,9*0(3,:
@
()(:;6:
+,
3(
*647(NK(
7(9(
3(:
-69f
;(3,A(:
*6:;,9(:b
9,.9,:()(5
*(9.(+6:
+,
(9*(:
+,
,:7,*0(:
x5<,A
46:f
*(+(b
*3(=6b
*(5,3(b
4(*0:y
:(*6:
+,
.9(56:
+,
7040,5;(
@
)(3(:
+,
:,+(

@
;,10+6:
+,
(3.6+P5
(34(*,5(+(:
,5;9,
36:
7<,5;,:e
636
),5,-0*06:
4<@
(3;6:
76+K(5
1<:;0-0*(9
,:,
,:-<,9A6e
3(=6:

*6479(+6:
,5
3(:
0:3(:
+,
3(:
,:7,*0(:
@
=,5+0+6:
,5
, - 4
,9*(+6
05+06
(

4,5<+6
(3*(5A()(5
<5
ŒŒ
769
ŒŒ
+,
),5,-0*06c
,3
79,*06
+,3
4(*0:
,5

(30*<;
,9(
,5;9,
Œ
@
‘
=,*,:
4C:
(3;6
8<,
,5
3(
9(5
(5+(b
40,5f
 0-*+
)
'
(0)* 
;9(:
8<,
,3
+,
3(
5<,A
46:*(+(
,9(
Œ
=,*,:
4C:
(3;6e
9(5
7(9;,
+,3

),5,-0*06
:,
/(*K(
,5
,3
,1(56
90,5;,b
+65+,
3(
=,5;(
+,
;,10+6:
05f
+06:
76+K(
9,(30A(9:,
(3
+6)3,
+,
:<
79,*06
+,
*6479(e
(
=,5;(
+,
,:7,f
*0(:
,5
,3
4,9*(+6
,<967,6
;,5K(
8<,
=,9
*65
3(
*64,9*0(30A(*0P5
+,
3(

,:*(:,A
@
3(
4,9*(5;030A(*0P5
+,
3(
4K:;0*(b
+,
-694(
8<,
/()K(
*0,9;(

,3(:;0*0+(+
+,
3(
+,4(5+(c
7,96
56
,9(
05(.6;()3,b
@
3(
*647,;,5*0(

,5;9,
3(:
647(NK(:
+,
3(:
5+0(:
90,5;(3,:
5,,93(5+,:(
,
05.3,:(
33,f
=P
(
<5
:6)9,()(:;,*040,5;6
@
(
<5(
*(K+(
+,
36:
79,*06:
/(:;(
8<,
36:

5,,93(5+,:,:
9,-69A(965
:<
465676306
,5
,3
,1(56
90,5;,
@
3(
<,f
99(
0=03
05.3,:(
05;,99<470P
3(:
(*;0=0+(+,:
+,
36:
*64,9*0(5;,:
+,
:<

647(NK(
+,
3(:
5+0(:
90,5;(3,:e
(:
,:7,*0(:
:,.<K(5
:0,5+6
<5(

4,9*(5*K(
(990,:.(+(b
,:7,*0(34,5;,
*<(5+6
36:
*64,9*0(5;,:
;,5K(5

8<,
*647964,;,9:,
,5
3(
*6479(
@
,4)(98<,
*65
<5
(N6
+,
(+,3(5;6e

6
*(),
7<,:
:6979,5+,9:,
+,
8<,
36:
769;<.<,:,:
3(:
=,5+0,9(5
(
*65f
:69*06:
+,
3(:
*(:(:
)(5*(90(:
0;(30(5(:b
(3,4(5(:
@
-3(4,5*(:b
8<,
67f
;()(5
769
*647(9;09
,3
90,:.6e
(
7(9;0*07(*0P5
+,
*64,9*0(5;,:
+,3
56f
96,:;,
+,
<967(
,5
3(
-05(5*0(*0P5
+,3
4,9*(+6
+,
,:7,*0(:
-<,
,3

79,3<+06
(
:<
04730*(*0P5
+09,*;(
,5
H3
4,+0(5;,
:<:
79670(:
*647(NK(:

+,
3(:
5+0(:
90,5;(3,:e
(
-36;(
,:7(N63(
+,3
<,=6
<5+6
-<5*065()(
+,
6;96
46+6e
<:

)(9*6:
/(*K(5
,3
=0(1,
+,
0+(
@
=<,3;(
/(:;(
,5;96(4H90*(
,5
5<,=,

4,:,:b
36
8<,
(769;()(
9,(30:46
(
3(
7(9;0*07(*0P5
*64,9*0(3
,5
,3
04f
7,906
*63650(3
,:7(N63e
,:+,
4,+0(+6:
+,3
:0.36
?=0
3(:
-36;(:
,9(5
69f
.(50A(+(:
,5
*65=6@,:
7(9(
,=0;(9
,3
(:(3;6
+,
709(;(:
-9(5*,:,:b
@
4C:

;(9+,
05.3,:,:
@
5,,93(5+,:,:b
(76:;(+6:
,5
3(
)(/K(
+,
C+0Ae
9(5
,:f
*63;(+6:
769
<5(
(94(+(b
@
.,5,9(34,5;,
:,
,5=0()(5
+6:
(3
(N6e
56

:,
+090.K(
(
<,=(
:7(N(
xH?0*6yb
*65*9,;(4,5;,
(3
7<,9;6
,5
3(
0:3(

+,
(5
<(5
+,
3T(
-9,5;,
(
,9(*9<Ab
@
3(
6;9(
(
(9;(.,5(
+,
5+0(:

,5
3(
*6:;(
*(90),N(
+,
36
8<,
(/69(
,:
6364)0(b
+,:+,
+65+,
:,
;9(:f
3(+()(
(
64)9,
+,
06:
6
69;6),36b
,5
3(
*6:;(
569;,
+,3
0:;46
+,

(5(4Cb
7(9(
,:7,9(9
(
36:
4,9*(+,9,:
8<,
=0(1()(5
+,:+,
,9T
@
+,:f
+,
*(7<3*6e
5
3(
+H*(+(
+,
‘ŽŒ
,9(5
@(
*,9*(
+,
<5
*,5;,5(9
+,

)<8<,:
(3
(N6
36:
8<,
;9(5:769;()(5
4,9*(5*K(:
769
,3
;3C5;0*6
,5;9,

:7(N(
@
:<:
*63650(:
(4,90*(5(:e
:;6
9,79,:,5;()(
(39,+,+69
+,

•eŒŒŒ
;65,3(+(:
,5
*<(5;6
(
*(7(*0+(+
+,
;9(5:769;,e
5
’ŒŒ
,3
;65,f
3(1,
4,+06
(5<(3
/()K(
(<4,5;(+6
/(:;(
ŒfŽŒŒ
5(=06:
*65
<5
;65,3(f
1,
;6;(3
+,
,5;9,
ŒeŒŒŒ
@
ŒeŒŒŒ
;65,3(+(:b
+,)0H5+6:,
,3
05*9,4,5;6

(3
/,*/6
+,
8<,
,3
;(4(N6
+,
36:
)<8<,:
:,
/()K(
+<730*(+6e
5
36:

=0(1,:
+,
0+(
+,:+,
:7(N(
;9(5:769;()(5
3(:
796=0:065,:
8<,
5,*,:0;(f
 '
 ./-0$q)

'
-$./$)
)(5
36:
*63656:b
@
(
3(
=<,3;(b
(+,4C:
+,
36:
4,;(3,:
79,*06:6:
+,3
<,f
=6
<5+6b
70,3,:b
K5+0.6b
*6*/05033(
@
(AT*(9e
<58<,
,3
=63<4,5
+,3

*(9.(4,5;6
=(90()(b
,3
*(4)06
,5
3(
,:*(3(
*64,9*0(3
,<967,(
,9(
(*<f
4<3(;0=6e
6:
796+<*;6:
+,
36:
047,906:
,<967,6:
+,
<3;9(4(9
(4730(f
965
36:
4,9*(+6:
+,
*65:<46
,<967,6:b
+,
<5(
-694(
8<,
36:
469(30:f
;(:
*65:0+,9()(5
(4,5(A(+69(
7(9(
36:
=(369,:
*90:;0(56:
;9(+0*065(3,:e
+.


+
(
,:*3(=0;<+
-694()(
7(9;,
(*6:;<4)9(+(
+,
;6+(:
3(:
*0=030A(*065,:

,<96(:0C;0*(:
@
/()K(
:0+6
<5
9(:.6
*(9(*;,9K:;0*6
+,
3(
:6*0,+(+
,<96f
7,(
+<9(5;,
3(
+(+
,+0(e
05
,4)(9.6b
/(*0(
 ‘ŒŒ
3(
4(@69K(
+,
3(

.,5;,
,5
36:
7(K:,:
*90:;0(56:
,9(
30)9,e
(9(+P10*(4,5;,b
-<,
79,*0:(f
4,5;,
,5
(8<,3
464,5;6
*<(5+6
,3
,5*<,5;96
+,
<967(
*65
,3
(4f
7306
4<5+6
33,=P
(
<5
9,+,:*<)9040,5;6
+,
3(
,:*3(=0;<+b
(<58<,
:6)9,

<5(
)(:,
+0-,9,5;,d
)(:(+(
,5
,3
*(<;0=,906
@
9(*0(3e
6:
,:*3(=6:
,9(5

;9(;(+6:
*646
r79670,+(+
:,46=0,5;,s
+,
:<:
79670,;(906:
@
3(:
3,@,:

,<967,(:
+()(5
(
,:;6:
<5(
30),9;(+
:05
79,*,+,5;,:
,5
*<(5;6
(
36
8<,

76+K(5
/(*,9
*65
,336:e
636
:,
,:*3(=0A()(
(
(-90*(56:b
/()0H5+6:,
*65=,9;0+6
:<
*6369
,5

<5
:0.56
7(9(
3(
:,.9,.(*0P5
:6*0(3e
5
,3
:0.36
?=0
76+K(5
,5*65;9(9:,

(
4,5<+6
,:*3(=6:
5,.96:
,5
36:
/6.(9,:
(*646+(+6:
,<967,6:b
,:7,f
*0(34,5;,
,5
3(
90),9(
+,3
;3C5;0*6
@
,5
,3
,+0;,99C5,6e
5
69;<.(3b

3(
,*6564K(
+,7,5+K(
56;()3,4,5;,
+,
3(
,:*3(=0;<+b
36
8<,
:6979,5+0P

(3
/<4(50:;(
-3(4,5*6
0*63C:
3,@5(,9;:b
8<,
=0(1()(
(3
:,9=0*06
+,

,95(5+6
63P5
x,3
/016
+,3
,?7369(+69yd
r6+6:
36:
3<.(9,:
,:;C5
33,f
56:
+,
,:*3(=6:e
,.96:
@
4696:
*(<;0=6:
9,(30A(5
;6+(:
3(:
;(9,(:e

69;<.(3
,:;C
;(5
33,5(
+,
,:(
.,5;,
8<,
*9,6
8<,
,5
0:)6(
/(@
4C:

4<1,9,:
@
/64)9,:
5,.96:
8<,
769;<.<,:,:
30)9,:se
9(5
79670,+(+

+,3
9,@b
3(
56)3,A(b
36:
*(9.6:
,*3,:0C:;0*6:
,
05*3<:6
+,
3(
.,5;,
*6f
990,5;,e
9()(1()(5
,5
36:
*(476:b
*65:;9<K(5
36:
5(=06:
769;<.<,:,:b

30470()(5
36:
/6:70;(3,:
@
*65:;0;<K(5
:6)9,
;6+6
,3
:,9=0*06
+64H:;0*6

+,
36:
90*6:e
9(5
,4)(9*(+6:
,5
,3
-90*(
,*<(;690(3
@
=,5+0+6:
,5

0:)6(
769
36:
’Œ
6
“Œ
;9(-0*(5;,:
+,
,:*3(=6:
*<@(:
7(;,5;,:
36:
,590f
8<,*K(5e
6:
,:*3(=6:
,:;()(5
()0,9;(4,5;,
(
3(
=,5;(
,5
3(:
*(33,:
*(9f
.(+6:
+,
.9033,;,:b
*,76:
(3
*<,336
@
*(+,5(:c
,3
79,*06
+,
*6479(
:,

5,.6*0()(
*65
<5
05;,94,+0(906e
<
T50*(
76:0)030+(+
+,
30),9(9:,
+,
3(

0-*+
)
'
(0)* ŽŒ
,:*3(=0;<+
,9(
/<09
(
36:
465;,:
6
9,*0)09
3(
4(5<40:0P5
+,
:<
79670,f
;(906e
(*0(
-05(3,:
+,3
:0.36
?=0b
(33K
+65+,
36:
,<967,6:
:,
(:,5;()(5

04765K(5
6
(*,7;()(5
3(
,:*3(=0;<+
)(:(+(
,5
3(
9(A(e
(
7(<;(
8<,+P

,:;()3,*0+(
,5
3(
*63650A(*0P5
+,
3(:
:3(:
(5(90(:
+<9(5;,
3(:
+6:
790f
4,9(:
+H*(+(:
+,3
:0.36
?=0e

*65;05<(*0P5b
,5
‘ ”b
(936:

6;69.P

30*,5*0(:
7(9(
04769;(9
403,:
+,
5,.96:
(
3(:
*63650(:
,:7(N63(:
+,:+,

,=033(
x8<,
*646
0:)6(
;,5K(
<5(
.9(5
76)3(*0P5
+,
,:*3(=6:
5,f
.96:ye
05
,4)(9.6b
+,:+,
‘Œ
,5
(+,3(5;,b
36:
,:*3(=6:
,9(5
;9(5:f
769;(+6:
+09,*;(4,5;,
+,:+,
-90*(
7(9(
9,+<*09
3(
469;(30+(+
,5
,3

=0(1,
769
4(9e
(*0(
’‘Œ
36:
,:*3(=6:
(-90*(56:
*65:;0;<K(5
3(
4(@69K(

+,
3(
76)3(*0P5
9,*0,5;,4,5;,
(:,5;(+(
,5
,3
<,=6
<5+6e
(
-036:6-K(
(90:;6;H30*(
6-9,*K(
1<:;0-0*(*065,:
+,
3(
,:*3(=0;<+
+,

36:
(-90*(56:
*646
7(9;,
+,3
69+,5
5(;<9(3b
@
,3
;9C-0*6
+,
,:*3(=6:
:,

76+K(
1<:;0-0*(9
*65
36:
79,*,+,5;,:
+,
3(:
*9<A(+(:e
(
/0:;690(
)K)30*(

+,
36:
;9,:
/016:
+,
6H
v ,4b
(4
@
(-,;v b
:,
*65=09;0P
,5
7<5;6
+,

7(9;0+(
7(9(
,5;,5+,9
3(:
+0-,9,5*0(:
9(*0(3,:
@
7(9(
1<:;0-0*(9
,3
9(*0:f
46e
6
8<,
/<)0,9(
76+0+6
:<*,+,9
,5
,3
(9*(
@
8<,
33,=P
(
6H
(
4(3f
+,*09
(
(4
,9(
3(
,?730*(*0P5
+,
:<
5,.90;<+b
<5(
4(3+0*0P5
,
05-,906f
90+(+
/,9,+(+(:
8<,
3(
+0:*90405(*0P5
3,.(3
@
3(
(*;0;<+
*<3;<9(3
,<967,(

56
/(*K(
4C:
8<,
9,-69A(9e
5
<5
05-694,
:6)9,
,3
=0(1,
+,
(9;05

96)0:/,9
;9(;(5+6
+,
+,:*<)909
,3
33(4(+6
(:6
+,3
696,:;,b
7<)30f
*(+6
,5
‘“”b
:<
3<.(9;,50,5;,
,69.,
,:;
+,:*90)K(
(:K
3(
4(3+0*0P5

+,
(4d
r6+(
:<
76:;,90+(+
+,)K(
:,9
5,.9(
@
,?,*9()3,b
7(9(
8<,

:09=0,9(
*646
4<,:;9(
+,3
*(:;0.6
(
3(
+,:6),+0,5*0(
7(9(
;6+6
,3
4<5f
+6se
3
-03P:6-6
,:7(N63
9(5*0:*6
+,
0;690(
7,5:()(
8<,
,3
;9C-0*6
+,

,:*3(=6:
,9(
;6;(34,5;,
3,.K;046b
*65
;(3
8<,
36:
,:*3(=6:
/<)0,9(5
:0+6

=,5*0+6:
,5
<5(
.<,99(
1<:;(d
r:
)(:;(5;,
*65
8<,
<5
/64)9,
:,(
,:f
*3(=6
+,
/,*/6
6
769
+,9,*/6b
@
@6
36
*64 79(9H
:05
<5
9,:705.6se


4,+0(+6:
+,3
:0.36
?= 5
3(
,:*3(=0;<+
:,
1<:;0-0*()(
769
3(
5,*,:0+(+

,*65P40*(e
<(5+6
36:
5,,93(5+,:,:
(;(*(965
,5
’f’”
3(:
73(5f
;(*065,:
+,
(AT*(9
769;<.<,:(:
,5
9(:03
7(9(
,:;()3,*,9
3(
*63650(
+,

r<,=(
63(5+(sb
:<
*64(5+(5;,
6/(5
(<90;:
=(5
(::(<f0,.,5

7,5:P
769
<5
464,5;6
,5
<;030A(9
4(56
+,
6)9(
)3(5*(
30)9,
,5
36:

463056:
+,
(AT*(9
+,
,95(4)<*6b
7,96
9C70+(4,5;,
*(4)0P
+,
670f
50P5
@
(:<40P
3(
+,
36:
769;<.<,:,:
(
36:
8<,
/()K(
:<:;0;<0+6d
r6
,:

76:0)3,
/(*,9
5(+(
,5
9(:03
:05
,:*3(=6:
zeee{
6
:,
7<,+,
79,:*05+09
+,

,336:
,5
505.<5(
6*(:0P5d
:0
(3.<0,5
70,5:(
8<,
,:
<5(
,8<0=6*(*0P5b
3,

+09H
8<,
56
,:
4C:
8<,
<5
,:*9T7<36
-T;03se
  '
 ./-0$*)

'
-$./$)
(
*<,:;0P5
+,
36:
05+06:
,9(
4C:
*64730*(+(e
3
,8<,9040,5;6

36:
*65=,9;K(
,5
:T)+0;6:
+,
3(
465(98<K(
,:7(N63(e
(*,93,:
3(
.<,99(

@
,:*3(=0A(936:
/()9K(
:0+6
*646
+,*3(9(W3(
.<,99(
(
,=033(b
+,*K(
0f
;690(e
6
8<,
:,
+<+()(
,9(
(
8<H
*(;,.69K(
+,
:,9,:
/<4(56:
7,9;,5,f
*K(5e
(
7904,9(
9,(**0P5
v *646
*65
3(
-369(
@
3(
-(<5(
+,3
<,=6

<5+6v
,9(
9,*<9909
(
:<
7(9,*0+6
:<7,9-0*0(3
*65
<5
;076
*656*0+6e

65A(36
,95C5+,A
+,
=0,+6b
,3
7904,9
/0:;690(+69
+,
3(:
5+0(:b

7,5:()(
8<,
36:
05+06:
:,
7(9,*K(5
(
36:
r,;K67,:sb
)C9)(96:
+,3
569;,

+,
-90*(e
6+9K(5
56
:,9
,:*3(=6:
769
*658<0:;(b
7,96
:,
(+,*<()(5
(

3(
*(;,.69K(
(90:;6;H30*(
+,
r,:*3(=6:
5(;<9(3,:s
8<,
0;690(
/()K(

(79,5+0+6
*<(5+6
,:;<+0()(
,5
(9K:e
6:
,:*3(=6:
5(;<9(3,:
,9(5

(8<,336:
*<@6
05;,3,*;6
56
,9(
:<-0*0,5;,
7(9(
*65;963(9
@
+090.09
:<:

,46*065,:e
646
+,*K(
,3
1<90:;(
<(5
9;0A
+,
(;0,5A6b
4(.0:;9(+6

,5
,3
7904,9
;90)<5(3
*63650(3
,5
,3
<,=6
<5+6
x,5
(5;6
6405f
.6yb
r7(9;0*07(5
,5
3(
9(AP5
36
)(:;(5;,
*646
7(9(
:,5;093(b
7,96
56
3(

76:,,5
6
3(
:0.<,5se
(
46+(
+,
3(
-0:06.564K(
05*305()(
(
36:
-03P:6f
-6:
@
;,P36.6:
(
*(;,.690A(9
(
3(
.,5;,
+,
(*<,9+6
*65
:<
(7(90,5*0(

*69769(3e
6
,9(
+0-K*03
*65:;9<09
<5(
-0:06.5608K(
+,
36:
05+06:
8<,

*65-094(9(
8<,
,:;()(5
.6),95(+6:
769
:<:
7(:065,:9
6
9,:,9=()(5

796=0:065,:
7(9(
,3
-<;<96e
<
7:08<,
x6
r(34(sy
,9(
;(3
8<,
:636
76+K(5

:,9
73,5(4,5;,
/<4(56:
x,:;6
,:b
*(7(*,:
+,
r=09;<+sy
(
;9(=H:
+,
:<

(46b
769
36
8<,b
796:,.<K(
,3
(9.<4,5;6b
3(
30),9;(+
,9(
(5;05(;<9(3

7(9(
<5
,:*3(=6
5(;<9(3e
3
796)3,4(
,9(
8<,b
*<(5;6
4C:
*656*040,5;6:
:,
;,5K(5
+,
36:

05+06:b
4C:
796)3,4C;0*(
:,
/(*K(
*<(38<0,9
*(;,.690A(*0P5
+,
,336:

*646
,:*3(=6:
5(;<9(3,:e
9(5*0:*6
+,
0;690(
7,9;,5,*K(
(
3(
,:*<,3(

+,
(3(4(5*(b
*<@6
,5-68<,
-036:P-0*6
05*3<K(
3(
+,+<**0P5
+,
3(:
r3,f
@,:
5(;<9(3,:sb
,:;6
,:b
,5;,5+,9
56
:636
36:
7905*0706:
047(9;0+6:
769

06:
,5
,3
464,5;6
+,
3(
*9,(*0P5
+,3
4<5+6b
:056
8<H
,9(
36
8<,
56:

/()K(
7,940;0+6
*65=,9;0956:
,5
:,9,:
/<4(56:
,5
9,3(*0P5
*65
H3e
5

:<:
3,**065,:
<50=,9:0;(90(:
:6)9,
3(
*<,:;0P5b
6-9,*0+(:
40,5;9(:
(<f
4,5;()(
,3
+,:(:6:0,.6
769
,3
4(3;9(;6
(
36:
05+06:
,5
,9Tb
0;690(

8<0:6
9,3(*065(9
36:
r(:<5;6:
+,
3(:
5+0(:s
*65
3(
r9,7T)30*(
+,3
4<5f
+6
,5;,96se
<,9K(
+,;,9405(9
:0
36:
05+06:
/()K(5
:0+6
;9(;(+6:
+,

(*<,9+6
*65
3(
r3,@
+,
06:s
x+,
3(
8<,
3(:
3,@,:
5(;<9(3,:
56
,9(5
4C:

8<,
<5
9,-3,16ye
,46:;9P
8<,
76:,K(5
<5
:,5;0+6
+,€6:
+,9,*/6:
;,f
990;690(3,:b
<5
69+,5
9(*065(3
,5
:<:
(:<5;6:b
<5(
-694(
9,*656*0)3,
+,

4(;9046506b
4(.0:;9(+6:b
.6),95(5;,:b
3,@,:b
05+<:;90(b
*64,9*06b

*69;,:K(
@
*<3;<9(
*K=0*(e
5
*(+(
*(;,.69K(
0;690(
:<)9(@()(
v @
(:K
 0-*+
)
'
(0)* ŽŒ‘
ŽŒ’ '
 ./-0$q)


-$./$)

36
*3(90-0*()(v
3(:
8<,
:,
,5;,5+K(5
*646
*(9(*;,9K:;0*(:
+,-050;690(:
7904,96
,5
<5
73(5;(+69
@
3<,.6
,5
*(7,33C5
7(9(
36:
*63656:b
,?7,90f

+,3
:,9
r,<967,6sb
*P46
,5;,5+K(
H3
8<,
:,
76+K(
:,9
=,9+(+,9(4,5;,
4,5;(5+6
4<@
+,
*,9*(
3(
)9<;(30+(+
*65
36:
05+06:
+,
36:
*658<0:;(f
r/<4(56se
<
7,5:(40,5;6
9,:<4K(
*P46
8<0,5,:
76)3()(5
,3
,:7(*06

+69,:
,:7(N63,:e
<
7904,9(
9,:7<,:;(
-<C
-<5+(9
<5(
*63650(
<;P70*(

,<967,6
33,.(965
(
,5;,5+,9b
4,+0(5;,
:<:
,5*<,5;96:
*65
6;96:b
8<0Hf
,5
3(
8<,
36:
5(;0=6:
:,
*65=,9;09K(5
769
7,9:<(:0P5b
=0=0,5+6
,5
(946f
5,:
,9(5b
+,
<5
46+6
8<,
36:
33,=()(
4C:
(33C
+,
3(
*64<50+(+
+,
5K(
*65
36:
*63656:
,5
<5(
*64<50+(+
*90:;0(5(
0+,(3b
,5
3(
8<,
36:
05f
*9,,5*0(:
+,
3(
90:;0(5+(+e
+06:
;,5+9K(5
/6:70;(3,:
,
0.3,:0(:
@
3()9(+69,:
,:7(N63,:
3,:
,5:,N(f
0;690(
,9(
796-,:69
<50=,9:0;(906
@
*65;9(:;()(
<56:
(9.<4,5;6:
9K(5
(
;9()(1(9
3(
;0,99(e
3
*(9,*,9
+,
<;030+(+b
-<,
<5
-0(:*6
*<(5+6
:,

*65
6;96:e
+40;K(
8<,
/()K(
:,906:
(9.<4,5;6:
;(5;6
,5
*65;9(
*646
05;,5;P
,5
<4(5Cb
,5
3(
*6:;(
:,7;,5;9065(3
+,
36
8<,
/6@
,:
,5,A<,f
(
-(=69
+,
,8<07(9(9
(
36:
05+06:
*65
36:
,<967,6:e
(
:6*0,+(+
05+0(
3(e
(:
(:(:
:,
<50P
(
36:
+64050*6:
,5
 ‘Ž
,
050*0P
:<
3()69
+,
79,f
*(9,*K(
+,
3,@,:
,:*90;(:e
<:
4(.0:;9(;<9(:
,9(5
+H)03,:e
,940;K(
3(

:0P5
,5
-(=69
+,
36:
7<,)36:
(4,905+06:e
<+6
(9.<4,5;(9
1<5;6
*65

7630.(40(b
,3
305(1,
4(;90305,(3
@
,3
+,:5<+6
,5
7T)30*6c
@
:6)9,
;6+6

0;690(b
(<58<,
*65
79<,)(:
4C:
+,;(33(+(:b
8<,
3(
:6*0,+(+
(4,90*(5(

/()K(
79<,)(:
+,
*(50)(30:46b
;,4(
6):,:0=6
7(9(
36:
,<967,6:
7698<,
(5;,:
+,
3(
*658<0:;(
*<473K(
36:
*90;,906:
+,
90:;P;,3,:
:6)9,
<5(
:6f
(3
0.<(3
8<,
3(
:6+64K(
@
,3
),:;0(30:46
7(9,*K(
<5(
7,9=,9:0P5
+,
3(:

*0,+(+
*0=03e
(
*65=,9:0P5
+,
36:
05+06:
+,)K(
+(9:,
769
;(5;6
769
7,9f
3,@,:
+,
3(
5(;<9(3,A(e
6:
(9(/<(*6:
/()K(5
/()3(+6
(
63P5
:6)9,
36:

:<(:0P5b
@
56
769
3(
-<,9A(b
@
:<
;9()(16
+,),9K(
:,9
30)9,e
<:
4(@69,:

r*(90),:s
8<,
r*64K(5
/64)9,:se
,
:<765K(
8<,
36:
:(*90-0*06:
/<4(f
H?0;6:
-<,965
7,9:<(+09
(3
7(7(+6
7(9(
8<,
,40;0,9(
<5(
)<3(
x3 *'V

56:
,5;9,
36:
4,?0*(:
,9(5
:,.<0+6:
769
69.K(:
*(5K)(3,:e
(4)0H5
:,

+31
 #'b
Ž•
+,
4(@6
+,
‘
“y
796/0)0,5+6
3(
,:*3(=0;<+„+,
36:
(4,905f
(:,.<9()(
8<,
36:
.<(9(5K,:
7(9(.<(@6:
@
36:
4(@(:
+,
<*(;C5
,9(5

+06:
,
05*0;(5+6
(
36:
9,-694(+69,:
+,
3(
*69;,
+,
(936:

(
7964<3f
*(5K)(3,:e
,
36:
;<705(4)C
)9(:03,N6:
:,
+,*K(
,5
‘‘
8<,
r:,
*6f
.(9
3(:
,@,:
<,=(:
x‘Žy
8<,
9,.<3()(5
36:
:,9=0*06:
+,
;9()(16
+,

4K(5
(
:<:
=K*;04(:
/(:;(
3(
T3;04(
<N(se
6:
,<967,6:
*9,K(5
,:(:
/0:f
36:
05+06:
,5
3(:
73(5;(*065,:
*63650(3,:
+,3
<,=6
<5+6e
›
;690(:
7698<,
8<,9K(5c
,9(
<5(
-694(
+,
:04730-0*(9
*<,:;065,:
+,
6;96

6:
,5*64,5+,96:
7,9<(56:b
0990;(+6:
769
36:
,:-<,9A6:
+,
:<
790f
46+6
*6473,1(:
,
099,:63<)3,:
:6)9,
36
8<,
/(*K(
(
36:
05+06:
+0-,9,5f
4,9
=099,@b
3(:*6
TN,A
,3(b
7(9(
(730*(9
3(
5<,=(
3,.0:3(*0P5b
69.(f
;,:
+,
36:
,<967,6:e
6
8<,
<56
*64K(
+,;,9405()(
36
8<,
,9(c
*<(5;6

50A(965
<5(
9,=<,3;(e
6:
+090.K(
65A(36
0A(996b
<56
+,
36:
;9,:
/,9f
4,169
,9(
,3
(304,5;6b
4C:
=09;<6:(
9,:<3;()(
3(
7,9:65(
8<,
36
*64K(e

4(56:
+,3
*658<0:;(+69e
6:
*63656:
9,),3+,:
+,7<:0,965
@
(:,:05(965

69
,:6b
*65*3<K(
0;690(b
36:
05+06:
;,5K(5
8<,
9,*699,9
;6+(=K(
<5
3(9f
(3
=099,@b
+,*3(9(5+6
(
,9T
05+,7,5+0,5;,
+,
3(
(<;690+(+
,:7(N63(e

.6
*(4056
(5;,:
+,
33,.(9
(
:,9
73,5(4,5;,
/<4(56:
,5
,3
:,5;0+6
,5

636
3(
33,.(+(
*646
:<:;0;<;6
+,
,+96
+,
3(
(:,(b
8<0,5
7964,;0P

8<,
36
,5;,5+K(5
36:
,<967,6:e
6
,9(
:0473,4,5;,
*<,:;0P5
+,
*65f
()96.(9
3(:
5<,=(:
3,@,:b
9,:;(<9P
3(
(<;690+(+
,:7(N63(e
(4)0H5
,5

=,9;09:,
(3
*90:;0(50:46e
6:
05+06:
*90:;0(50A(+6:
:,.<09K(5
:0,5+6
;6f
H?0*6b
+65+,
(:
(:(:
/()K(
:0+6
564)9(+6
6)0:76
+,
3(
9,*0,5;,f
+(=K(b
,5
*0,9;6
:,5;0+6b
r)C9)(96:sb
@(
8<,
56
76+K(5
+0:;05.<09
=,9f
4,5;,
*65:;0;<0+(
+0P*,:0:
+,
/0(7(:b
3(
9,=<,3;(
*63650(3
:,
.,5,9(30f
+(+,9(4,5;,
,3
)0,5
+,3
4(3
x05*3<0+6
,3
(304,5;6ye
646
+,*K(
,3

APe
 3
9,.9,:(9
(
:7(N(
,5
‘“
7(9(
=0=09
9,*3<0+6
,5
,3
465(:;,906

-9(5*0:*(56
<(5
+,
03=(b
,9(5
05*(7(*,:
+,
+0:;05.<09
r,5;9,
36
(+,f +64050*6
+,
(33(+630+b
050*0P
<5(
*(47(N(
(*(+H40*(
@
,5
;6956
(3

*<(+6
@
36
7,91<+0*0(3b
,5;9,
<5
*(9+6
@
<5(
3,*/<.(se
()K(
8<,
r*0=0f ,47,9(+69
,5
-(=69
+,
3(
9,*;0-0*(*0P5
469(3e
65
3(:
r9,05;(
79676f
30A(936:sb
36
8<,
:0.50-0*()(
,+<*(*0P5b
56
:636
,5
,3
:,5;0+6
+,
3(
,:f
:0*065,:
1<9K+0*(:sb
79,:,5;(+(:
(3
65:,16
+,
5+0(:
,5
‘“b
;9(;()(

*<,3(b
:056
+,
<5(
9,-694(
-<5+(4,5;(3
+,
3(
7:08<,
05+0=0+<(3b
<5

+,
,?736;(9
3(:
+0-,9,5*0(:
(3
9,:7,*;6
,5;9,
,3
,47,9(+69
@
:<
/016b
,3

796*,:6
8<,
:,9K(
4<@
3(9.6e
5;9,;(5;6b
36:
r)C9)(96:s
;,5K(5
8<,
:,9

79K5*07,
,307,e
*65:0+,9(+6:
56
,<967,6:b
(<58<,
,:;<=0,9(5
r+,5;96s
+,3
69+,5
,<f
3
;<;69
+,
,:;,
T3;046
,9(
<(5
05H:
+,
,7T3=,+(b
<5
/<4(50:;(

967,6
+,
3(:
*6:(:e
(90:;6;H30*6
8<,
/()K(
7(:(+6
*0,9;6
;0,476
,5
;(30(
@uz<,
:,
*65=09;0P

(9;6364H
+,
3(:
(:(:
*65:0.<0P
8<,
,:(:
*<,:;065,:
9,*0)0,9(5

,5
769;(=6A
+,
36:
6765,5;,:
(
(:
(:(:e
,7T3=,+(
,5;,5+K(
36:
(9f
<5(
(;,5*0P5
7T)30*(
4C:
(4730(e
,5K(
;(5
:636
=,05;06*/6
(N6:
+,

.<4,5;6:
,5
-(=69
+,
<5(
r465(98<K(
4<5+0(3s
+,
36:
():)<9.6e

,+(+
*<(5+6
7(9;0P
/(*0(
,3
<,=6
<5+6
,5
‘ŒŽb
*65=09;0H5+6:,
,-,5+K(
<5(
*9<A(+(
*65;9(
36:
;<9*6:
@
(9.<4,5;()(
x,5
<5
+0C36.6
 0-*+
)
'
(0)* ŽŒ“
796)()3,4,5;,
,:*90;6
,5
‘y
8<,
4H90*(
,9(
,:7(N63(
769
+,9,*/6

+,
*658<0:;(b
@
8<,
:,.T5
,:,
40:46
+,9,*/6b
36:
(4,905+06:
,9(5
:<:

,:*3(=6:e
3
*(50)(30:46b
,3
05*,:;6b
36:
:(*90-0*06:
/<4(56:b
3(
+,:5<f
+,A
v @
6;96:
(*;6:
(5;05(;<9(3,:
+,
36:
8<,
36:
05+06:
,9(5
(7(9,5;,f
4,5;,
*<37()3,:v
;,5K(5
8<,
:,9
047,+0+6:
769
3(
-<,9A(e
,
76+K(

<;030A(9
3(
-<,9A(
x3,.(3b
469(3b
-K:0*(y
7(9(
:<
*65=,9:0P5
769
3(:
40:f
4(:
9(A65,:
8<,
1<:;0-0*()(5
3(
58<0:0*0P5
@
3(
9,79,:0P5
+,
3(
/,9,1K(

796;,:;(5;,e
3
65:,16
+,
5+0(:
,:;<+0P
3(
*<,:;0P5
,5
<5(
*65-,9,5f
*0(
(*(+H40*(
*,3,)9(+(
,5
‘
‘Œf‘
,5
,3
*63,.06
(5
9,.6906
+,
(f
33(+630+e
4)(:
7(9;,:
6-9,*0,965
36
4,169
+,
:K
40:4(:b
7,5:(5+6

*(+(
<5(
+,
,33(:
8<,
:<:
(9.<4,5;6:
,9(5
4,169,:e
 3
-05(3b
,3
65:,f
16
4(5;<=6
x,5
‘‘Žy
<5(
=,9:0P5
4C:
46+,9(+(
+,
3(:
,@,:
<,=(:c

:0
)0,5
:,
=0,965
05-3<0+(:
769
36:
+,)(;,:
,5
(33(+630+b
,9(5
(T5
4C:

:<:*,7;0)3,:
(
36:
(9.<4,5;6:
+,
8<,
36:
05+06:
56
76+K(5
796769*06f
5(9
*646
,:*3(=6:
<5(
4(56
+,
6)9(
(+,*<(+(
7(9(
;9()(1(9
,5
3(:
40f
5(:
+,
73(;(e
(:
(:(:
;<=6
3(
T3;04(
7(3()9(e
5
‘‘Ž
(7(9,*0P
,5
,=033(
<5(

7<)30*(*0P5
56
(<;690A(+(
+,
<5
30)90;6
8<,
/()K(
,:*90;6
<5(
+H*(+(

(5;,:
*65
,3
;K;<36
0#4@11'+
0#*!'D,
"#
*
"#1203!!'D,
"#
*1
,"'1U
<

(9.<4,5;6
,9(
r3(
.9(5+,
@
-05(3
5,*,:0+(+
+,
+(9
(
*656*,9
(
;6+(

:7(N(
,3
=,9+(+,96
05-694,
@
-0,3
,5;,5+040,5;6
+,
36
8<,
/,
=0:;6

8<,
(33K
;,5K(
3<.(9se
 3
5(99(9
3(
*658<0:;(
+,
3(:
4H90*(:b
+,*K(
8<,

36:
,:7(N63,:
/()K(5
(7(9,*0+6
,5;9,
r,:;(:
6=,1(:
4(5:(:s
*646
r36f
)6:
,
;0.9,:
@
3,65,:
*9<,3K:046:
+,
4<*/6:
+K(:
/(4)90,5;6:sb
;H940f
56:
:,4,1(5;,:
(
36:
<;030A(+6:
,5
3(
)<1(
7(7(3
*65;9(
<;,96
c6130%#

-+',#R
‘
+,
1<506
+,
‘ŽŒye
(
(<;H5;0*(
/0:;690(
+,
3(
r+,:;9<**0P5s

+,
3(:
5+0(:
v 76+,9b
*6+0*0(
@
+05,96v
79,:(.0()(
,3
*63(7:6
+,
3(

90:;0(5+(+
@
,3
-05
+,3
4<5+6e
3
30)90;6
+,
(:
(:(:
,9(
<5(
*65;9(f
/0:;690(
+,
3(
658<0:;(e
9(+<*0+6
(3
-9(5*H:
@
7<)30*(+6
,5
4),9,:

(
-05(3,:
+,
3(
+H*(+(
+,
‘“Œb
@
4C:
;(9+,
(3
05.3H:
@
(3
5,,93(5+H:
,5

‘”Žb
8<,+P
30.(+6
(
3(
r ,@,5+(
,.9(s
796;,:;(5;,
:6)9,
,3
047,906

/0:7C50*6b
9,-69A(5+6
36:
3(A6:
+,
3(
*658<0:;(
*63650(3
@
,3
4(3;9(;6
,5

<3;9(4(9
*65
3(
*65-965;(*0P5
9,30.06:(
@
3(:
4(;(5A(:
,5
3(
79670(
<f
967(e
:K
:,
()90,965
*(4056
@
,5;9(965
,5
3(:
7905*07(3,:
*65;96=,9f
:0(:
:6)9,
3(
5(;<9(3,A(
+,3
76+,9
@
3(
=063,5*0(
36:
+,)(;,:
:6)9,
3(
,:f
*3(=0;<+b
3(
*65=,9:0P5
@
,3
*63650(30:46e
(:
0+,(:
+,
(:
(:(:
7,9=0=0,965
,5
,3
<,=6
<5+6e
(9(
H3b
36:

05+06:
,9(5
;(5
+,:*,5+0,5;,:
+,
+C5
@
=(
*646
36:
,<967,6:
@
8<0AC

(T5
4,169,:b
7698<,
;9(:
:<
*65=,9:0P5
:<
*90:;0(50:46
:,9K(
79K:;056e
ŽŒ” '
 ./-0$q)

'
-$./$)
j*(:6
56
:,9K(5
;(4)0H5
+,:*,5+0,5;,:
+,
3(:
;90)<:
7,9+0+(:
+,
:9(,3b

,5
*<@6
*(:6
,3
+,:*<)9040,5;6
+,3
<,=6
<5+6
:,9K(
<5(
:,N(3
05+0:f
*<;0)3,
,5=0(+(
769
06:
:6)9,
3(
05405,5;,
33,.(+(
+,3
403,506i
:;(

,9(
3(
*65=0**0P5
8<,
79,=(3,*K(
,5;9,
3(
7904,9(
.,5,9(*0P5
+,
40:06f
5,96:
-9(5*0:*(56:
,5
,3
<,=6
<5+6
;9(:
:<
33,.(+(
(33K
,5
 ‘Že
3

+0:-9<;(9
+,
<5(
30),9;(+
-9,5;,
(
3(
(<;690+(+
,70:*67(3
,
058<0:0;690(3

,5
,3
<,=6
<5+6
8<,
5<5*(
/()K(5
;,50+6
,5
,3
0,16b
(8<,336:
-9(5f
*0:*(56:
r9,-694(+6:s
x,:;6
,:b
r,:7090;<(3,:syb
9,:765+K(5
(3
+,:(-K6

+,
3(
40:0P5
*90:;0(5(
*65
-,9=69
(76:;P30*6e
(
=0:0P5
403,5(90:;(
-9(5f
*0:*(5(
:,
+,:=(5,*0P
,5
,3
<,=6
<5+6
/(*0(
-05(3,:
+,3
:0.36
?=0b

7,96
3(
0+,(
+,
8<,
36:
(4,905+06:
76+K(5
:,9
36:
+,:*,5+0,5;,:
+,
3(:

;90)<:
7,9+0+(:
9,(7(9,*0P
,5;9,
36:
796;,:;(5;,:
+,
<,=(
5.3(;,99(
(

4,+0(+6:
+,3
:0.36
?=<e
6:
+,)(;,:
:6)9,
3(
*65=,9:0P5
+,
36:
05+06:

(4,90*(56:
0)(5
(
796:,.<09
,5;9,
,-694(
@
65;9(99,-694(
*646

<5(
9,-3,?0P5
:6)9,
36
8<,
:0.50-0*()(
:,9
,<967,6e

     
 
6:
3K40;,:
+,
3(
90:;0(5+(+
4,+0,=(3
,:;()(5
+,-050+6:
769
3(
*64<f
50+(+
+,
*9,,5*0(:
8<,
,5*(95()(e
3
(<.,
+,
36:
;<9*6:
6;64(56:b
3(

9,:<99,**0P5
+,3
,:7K90;<
+,
*9<A(+(
@
36:
*65:0.<0,5;,:
*65-30*;6:
,5
,3

,+0;,99C5,6
@
,3
:<9,:;,
+,
<967(
(.<+0A(965
3(:
+0=0:065,:
763K;0f
*(:b
*<3;<9(3,:
@
9,30.06:(:
,5
(8<,33(:
9,.065,:c
7,96
,:,
56
-<,
,3
*(:6

+,
3(
-965;,9(
,:3(=(
+,
<967(
(3
,:;,
+,3
*65+640506
763(*6f30;<(56

@
,3
C3;0*6e
(
.,6.9(-K(
56
6-9,*K(
-965;,9(:
5(;<9(3,:
7(9(
+,3040;(9

(
36:
8<,
=0=K(5
,5
3(
4(:(
*65;05,5;(3
,<967,(
+,3
9,:;6
+,3
*65;05,5;,

,<96(:0C;0*6e

4,+0+(
8<,
3(
90:;0(5+(+
6**0+,5;(3
:,
+,:05;,.9()(b

3(
9(AP5
7(9(
3(:
-965;,9(:
;9(+0*065(3,:
*65
,3
*90:;0(50:46
69;6+6?6

+0:405<K(5e
 3
40:46
;0,476b
,3
(:*,5:6
+,
6:*6=0(
*646
76+,96:(

,5;0+(+b
8<,
9,-3,1()(
36:
796*,:6:
763K;0*6:
8<,
:,
+,:(99633()(5
7(9,f
*0+(4,5;,
,5
<967(
6**0+,5;(3b
,4)69965()(
36:
3K40;,:
,5
36:
4C9f
.,5,:
690,5;(3,:
+,
<967(e
5
”Œ
36:
79K5*07,:
+,
6:*6=0(
+,1(965
+,
:,9
;90)<;(906:
+,
3(

69+(
+,
96
465.63(e
3
:0.36
:0.<0,5;,
-<,
<5
7,9K6+6
*9<*0(3
+,

*65:630+(*0P5
@
,?7(5:0P5
7(9(
<:0(e
(
9(4(
46:*T;(
+,
3(
+05(:f
;K(
0T902
+,
r.9(5+,:
+<8<,:s
+,
<:b
-(=69,*0+(
769
,3
+,:(996336
+,

<5(
(.90*<3;<9(
4C:
(:,5;(+(
,5
;6956
(3
(3;6
63.(
,5
3(:
/(*0,5+(:
 0-*+
)
'
(0)* OMV
,:*(:(:
,5
4(56
+,
6)9(
7,96
90*(:
,5
;0,99(
+,
3(
56)3,A(
)6@(9+(b
*6f
4,5AP
(
<;030A(9
(
7(9;09
+,
=C5

,3
;K;<36
+,
(9
xrH:(9sy
+,
;6+(:

3(:
<:0(:e
3
(*96
47,9(+69
64(56
@(
/()K(
6-9,*0+6
<5(
*6965(

(
=C5
b
7,96
,:;,
3(
9,*/(APe
(
90:;0(5+(+
690,5;(3
@
3(
6**0+,5;(3

,:;()(5
:,7(9(+(:
@
(3,1(+(:
,5;9,
:Ke
6:
79K5*07,:
+,
<:b
+,*K(b
9,*0f
)K(5
:<
(<;690+(+
+,3
796706
06:c
769
,:6
=C5
69.(50AP
:<
79670(

*6965(*0P5
,5
‘Œb
(+67;(5+6
*646
,4)3,4(
3(
+6)3,
C.<03(
)0A(5;0f
5(
@
(79670C5+6:,
+,3
*,9,4650(3
@
,3
90;<(3
+,
0A(5*06e
6:*6=0(
*9,*0P
,5694,4,5;,
+<9(5;,
,3
:0.36
?=0e

7(9;09
+,

<5(
+0405<;(
76)3(*0P5
+,
(39,+,+69
+,
ŒeŒŒŒ
/()0;(5;,:
,5
’Žb

,5
‘

@(
,9(5
Žb”
403365,:
36:
8<,
+,)K(5
3,(3;(+
(3
A(9b
@
‘b
40336f
5,:
,5
‘
”e
8<,33(
,?7(5:0P5
*65:630+P
3(
(<;690+(+
+,
6:*6=0(

:6)9,
3(
*9(50(
763(*(
/(*0(
,3
:<96,:;,b
+65+,
3(
(<;690+(+
*90:;0(5(

:,
/()K(
=0:;6
+,)030;(+(
769
36:
(;(8<,:
+,
36:
;C9;(96:
+,
904,(e

6:*6=0(
-69;(3,*0P
0.<(34,5;,
:<
+640506
,5
3(
*<,5*(
+,3
)(16
63f

.(b
+,996;(5+6
(3
2(5(;6
+,
(AC5
,5
‘
‘Ž
@
,:;()3,*0,5+6
:<
79,:,5f
*0(
,5
36:
)69+,:
+,3
4(9
(:706
,5
‘e
,
*65:;9<@,965
5<,=(:

*0<+(+,:f-69;(3,A(
+,
70,+9(b
1<5;6
*65
-<,9;,:
4C:
7,8<,N6:
+,
4(f
+,9(e
(*0(
,3
,:;,
@
(5;,:
+,
8<,
*65*3<@,9(
,3
:0.36
?=0b
36:
9<:6:

*64,5A(965
(
*63650A(9
0),90(
6**0+,5;(3b
+65+,
36:
-<,9;,:
@
29,f

4305:
x*0<+(+,3(:
(4<9(33(+(:y
4(9*()(5
:<
,?7(5:0P5
;,990;690(3e

(*0(
’ŒŒ
6:*6=0(
.6),95()(
+,:+,
91C5.<,3:2
,5
,3
569;,b
1<5;6

(3
4(9
3(5*6b
/(:;(
:;9(1C5
,5
3(
+,:,4)6*(+<9(
+,3
63.(
,5
,3

4(9
(:706e
3
76+,9
+,3
:;(+6
46:*6=0;(
:,10(:()(
,5
3(
(<;690+(+
05+0:*<;0f
+(
+,3
A(9e
<(5+6
,3
(*96
47,9(+69
64(56
(?04030(56

;9(;()(

+,
,5;,5+,9
8<H
,:
36
8<,
;,5K(
=C5

8<,
H3
56
;<=0,9(b
9,*0)0P
,:;(

9,:7<,:;(d
r6:6;96:b
36:
9<:6:b
:646:
:T)+0;6:
-0,3,:
+,
5<,:;96:
:6f
),9(56:b
@(
:,(5
),5,=63,5;,:
6
*9<,3,:se
:(
3,(3;(+
:,
)(:()(
,5
,3

7(7,3
+,3
A(9
,5
3(
796;,**0P5
+,
<:0(
-9,5;,
(3
(;(8<,
+,
36:
7<,)36:

5P4(+(:
+,
:0(
*,5;9(3e
(
(<;690+(+
+,3
A(9
:,
9,-69AP
(
36
3(9.6
+,3

:0.36
?=0
4,+0(5;,
3(:
05:;0;<*065,:
4030;(9,:
46:*6=0;(:b
,5
7(9;0*<3(9

3(:
<50+(+,:
796-,:065(3,:
+,
(9*()<*,96:
x120#*217b
,:
+,*09b
r+0:7(9(f
+69,:syb
*9,(+(:
769
=C5

76*6
(5;,:
+,
‘‘Œb
(:K
*646
(3.<56:
+,

36:
(=K6:
+,
<5
:;(+6
*,5;9(30A(+6
*64<5,:
,5
<967(
*,5;9(3e
=C5


;(4)0H5
*9,P
<5(
.<(9+0(
7,9:65(3
+,
’eŒŒŒ
4,:5(+,96:
3,(3,:

x-.0'!&,')'yb
8<,
3,
79,:;()(5
<5
1<9(4,5;6
+,
3,(3;(+
7,9:65(3b
*64f
7964,;0H5+6:,
(
05-694(93,
+,
*<(38<0,9
*651<9(
6
9<469
*65;9(
H3e

65
(8<,33(
;967(
+,
,30;,
=C5

(73(:;P
(
3(
56)3,A(
9<:(
,5
36:
:0,;,
 '
 ./-0$q)

'
-$./$)
(N6:
6*<990+6:
,5;9,
‘’‘
@
‘“Žb
.(5C5+6:,
,3
,7K;,;6
+,
r,3
,990f
)3,se
(
*65:630+(*0P5
+,3
:;(+6
46:*6=0;(
/0A6
4C:
796)3,4C;0*(
3(

*<,:;0P5
+,
3(:
-965;,9(:
*65
<967(e
(
,?7(5:0P5
9<:(
/(*0(
,3
:<9
@

,3
,:;,b
,5
36:
)6:8<,:
@
:0:;,4(:
-3<=0(3,:
+,
:0(
*,5;9(3b
()90P
3(
76f
:0)030+(+
+,
8<,
r<967(s
x)(16
3(
H.0+(
+,
<5
:;(+6
r,<967,0A(+6sy

,479,5+0,9(
<5(
4(@69
,?7(5:0P5b
4,56:
7<)30*0;(+(
8<,
3(
8<,
:0f
.<0P
(3
+,:*<)9040,5;6
+,
4H90*(b
7,96
56
4,56:
04769;(5;,e
646

,5
4H90*(b
(8<,3
796*,:6
56
,9(
+090.0+6
769
,3
:;(+6
+,
<5(
-694(

:0473,
@
+09,*;(e
(
*65:630+(*0P5
+,3
:;(+6
46:*6=0;(
79646=0P

<5(
+0C:769(
+,
8<0,5,:
56
8<,9K(5
=0=09
,5
3(:
;0,99(:
+,
<:
6
:,

=,K(5
6)30.(+6:
769
3(:
*09*<5:;(5*0(:
(
()(5+65(93(:e
5;9,
,336:
/(f
)K(
*(47,:056:
8<,
/<K(5
+,
3(
:,9=0+<4)9,b
56)3,:
;,99(;,50,5;,:

(99<05(+6:
@
,5
+,:.9(*0(
x3(:
=0*;04(:
+,
3(
-.0'!$+',yb
-<.0;0=6:
*6f
4<5,:
@
790:065,96:
+,
.<,99(e
3.<56:
1P=,5,:
9<:6:
79,-,9K(5
r09
(

*6:(8<,(9s
1<5;6
(
36:
*6:(*6:
+,3
65
(5;,:
+,
9,.9,:(9
,
05.9,:(9
,5

,3
,1H9*0;6
46:*6=0;(e
3.<56:
:,
=,K(5
(;9(K+6:
769
,3
*64,9*06
+,
3(

:,+(b
70,3,:
@
465;<9(:
,5
36:
T3;046:
;9(46:
+,
36€
9K6:
50H7,9b
65

@
63.(
@
769
36:
),5,-0*06:
8<,
76+K(5
6);,5,9
8<0,5,:
,:;<=0,9(5

+0:7<,:;6:
(
(*,7;(9
(8<,3
+,:(-K6e
(
76)3(*0P5
+,
3(
,:;,7(
4,90+06f
5(3
:,
*65=09;0P
(
7905*0706:
+,3
:0.36
?=03
,5
<5(
*64)05(*0P5
+,
+0-,f
9,5;,:
,;50(:
v 46:*6=0;(:b
763(*6:b
*09*(:0(56:b
463+(=6:
@
<5(
=(f
90,+(+
+,
.,94(56:
@
,:3(=6:v
@
,5
<5
:,4033,96
+,
9,),3065,:
*65;9(

,3
A(9
+,
+0:;05;6:
r(:709(5;,:se
(
9,79,:0P5
+,
(8<,33(:
9,=<,3;(:
:,

*65=09;0P
,5
79,;,?;6
7(9(
<5(
5<,=(
(4730(*0P5
+,
3(
(<;690+(+
+,3

A(9e
5(
7(9;,
7,8<,N(
7,96
04769;(5;,
+,3
9(5
P+0.6
46:*6=0;(

c- -0,-#
*-g&#,'#y
05;96+<*0+6
769
,3
A(9
3,?0:
,5
’•b
;9(;()(
+,

,=0;(9
3(
40.9(*0P5
,5
4(:(
+,
*(47,:056:
8<,
(304,5;()(
3(
,?7(5f
:0P5
9<:(
/(*0(
,3
:<9
@
,3
,:;,b
,5*(+,5(5+6
36:
:0,9=6:
(
3(
;0,99(e
(
,?7(5:0P5
+,
<:0(
,5
0),90(
+,)K(
;(5;6
(
3(
050*0(;0=(
790=(+(

*646
(3
7(;96*0506
+,3
:;(+6e
479,:(906:
9<:6:
-05(5*0()(5
(
)</6f
5,96:
@
;9(47,96:
(:K
*646
)(5+(:
790=(+(:
+,
*6:(*6:
7(9(
8<,)9(9

3(
9,:0:;,5*0(
+,
36:
:0),90(56:
5(;0=6:
-9,5;,
(
:<
05;9<:0P5e
<,.6
-<,f
965
:,.<0+6:
769
:,9=0+69,:
4030;(9,:
+,3
A(9
8<,
9,*(<+()(5
;90)<;6:

,5
70,3,:
7(9(
,3
:;(+6b
8<,
(
*65;05<(*0P5
:,9=K(5
7(9(
-05(5*0(9
36:

,473(A(40,5;6:
4030;(9,:
8<,
(7<5;(3()(5
3(
,?7(5:0P€0e
3
,479,:(f
906
@
(=,5;<9,96
96-,0
()(96=
x(76+(+6
r=0(;0;:200sy
:,
7(9,*K(
4<f
*/6
(
36:
7065,96:
8<,
()90,965
69;,(4H90*(
(
3(
,?7(5:0P5
,<967,(b

,479,5+0,5+6
3(
*63650A(*0P5
+,
0),90(e
5
’Ž‘b
*65
=,05;0+P:
(N6:b
 0-*+
)
'
(0)* 
,479,5+0P
:<
7904,9
=0(1,
+,:+,
6)63l:2b
:,+,
+,3
T50*6
*(:;0336
+,

70,+9(
8<,
:,
*65:,9=(
,5
3(
0),90(
6**0+,5;(3b
*65:;9<0+6
,5
‘”‘f‘”’

769
<5
*65;05.,5;,
+,
*6:(*6:
*65;9(;(+6:b
33,.(5+6
769
,3
9K6
(A

/(:;(
,3
(:,5;(40,5;6
+,
(5.(A,@(b
(
69033(:
+,3
9;0*6b
*65
36
8<,
:,

()9K(
<5(
9<;(
,:;0=(3
7(9(
,3
;9(5:769;,
+,
70,3,:
8<,
:,
=,5+,9K(5
(
36:

*64,9*0(5;,:
05.3,:,:
,:;()3,*0+6:
,5
91C5.<,3:2e
5
’Žf’
-69f
4P
7(9;,
+,
<5(
,?7,+0*0P5
/(:;(
,3
9K6
,5(b
+65+,
,:;()3,*0P
<5(

.9(51(
@
<5(:
:(305(:
,5
3(
*65-3<,5*0(
+,
36:
9K6:
<;(
@
09,5.(e
5

’•f’‘Œ
@
’‘Œf’‘
,5*(),AP
+6:
,?7,+0*065,:
4030;(9,:
/(:;(
3(

*<,5*(
+,3
4<9b
,5
:0(
690,5;(3b
,?7369(5+6
:<:
(-3<,5;,:
@
796=6f
*(5+6
<5
*65-30*;6
*65
,3
047,906
4(5*/Tc
3(
,?7,+0*0P5
33,.P
/(:;(

16;:2b
,5
3(
*6:;(
+,3
(*K-0*6e
3
40:46
;0,476b
(5;,:
@
+,:7<H:
+,

3(:
.9(=,:
*6546*065,:
796=6*(+(:
769
3(:
.<,99(:
+,
:<*,:0P5
(3
-05(3

+,
3(
+05(:;K(
0T902
@
,3
*640,5A6
+,
3(
64(56=
x‘•”f’yb
@(
:,

+,769;()(5
(
0),90(
790:065,96:
+,
.<,99(
,?;9(51,96:
@
*90405(3,:b

8<,
:,
<5K(5
(
3(
.,5;,
8<,
*9<A()(
36:
9(3,:
769
:<
*<,5;(
7(9(
,:*(f
7(9
(3
:;(+6
46:*6=0;(
@
,5*65;9(9
,5
0),90(
<5(
5<,=(
=0+(e
5;,:

+,
3(
4<,9;,
+,3
A(9
3,?0:
,5
’“’b
36:
+640506:
+,3
A(9
9<:6
;6;(30A(f
)(5
4C:
+,
“
403365,:
+,
203P4,;96:
*<(+9(+6:b
<5
;,990;6906
4(@69

8<,
,3
047,906
6;64(56
@
8<,
+,1()(
4<@
*/0*6:
(
36:
,:;(+6:
*65;,4f
769C5,6:
+,
<967(
6**0+,5;(3e
 3
40:46
;0,476b
3(
*65:630+(*0P5
+,3
:;(+6
46:*6=0;(
-69;(3,*K(

3(:
05;,9(**065,:
,5;9,
3(
4(:(
*65;05,5;(3
,<967,(
@
<:0(e
6:
A(9,:

(3,5;(965
(*;0=(4,5;,
,:6:
*65;(*;6:e
0,965
3(
)0,5=,50+(
(
36:
9,f
79,:,5;(5;,:
5,,93(5+,:,:
,
05.3,:,:
,-*
:<
*69;,
@
:,
05;,9,:(965
769
3(

;,*5636.K(
,<967,(
+,
3(
7P3=69(e
,:
6):;(*<30A()(
:<
-(3;(
+,
(**,:6

+09,*;6
(3
C3;0*6b
769
36
8<,
3(
9<;(
+,
*64<50*(*0P5
+,:+,
,3
6*H(56

9;0*6
(3
4(9
3(5*6
7(:(5+6
769
91C5.<,3:2
(3;,9P
3(
+05C40*(
+,

3(:
9,3(*065,:e
(
73(;(
(4,90*(5(
33,.(+(
(
<967(
3<)90*P
,3
*64,9*06

*65
6:*6=0(b
*646
;(4)0H5
36
/0A6
*65
,3
,1(56
90,5;,e
6:
79,f
*06:
,5
<:0(
(<4,5;(965
=,9;0.056:(4,5;,
+<9(5;,
3(
:,.<5+(
40;(+

+,3
:0.36
?=0e
3
*,5;,56b
,3
7905*07(3
*,9,(3
,5
6:*6=0(b
(3*(5AP
36:

Ž
"#,
[% '. # 0
!&#24#,
(39,+,+69
+,
‘
‘Œb
=,5+0H5+6:,
(
4C:
+,
”Œ
+<f
9(5;,
36:
(N6:
+,
4(3(
*6:,*/(
+,
‘
”’f‘
””b
@
769
4C:
+,
Œ
+<9(5;,

3(
T3;04(
+H*(+(
+,3
:0.36
?=0e
 3
40:46
;0,476b
,3
(*96
47,9(+69

64(56
@
,3
(7(
,5;,5+K(5
3(
04769;(5*0(
+,
<5
-<,9;,
:;(+6
46:f
*6=0;(
*646
(30(+6
*65;9(
36:
;<9*6:
@
4<3;0730*(965
3(:
40:065,:
7(9(

,:;()3,*,9
3(A6:
4C:
,:;9,*/6:b
;,50,5+6
79,:,5;,
,:,
6)1,;0=6e
 3
0.<(3
8<,
,5
4H90*(b
56
6):;(5;,b
,3
*65;(*;6
4C:
*65;05<6
 '
 ./-0$q)

'
-$./$)
*65
<:0(
33,=P
(
<5
9,-69A(40,5;6
+,3
:,5;040,5;6
,<967,6
+,
:<
796f
70(
0+,5;0+(+e
5
63650(
@
0;<(50(
3(
-965;,9(
;9(+0*065(3
,5;9,
3(

.3,:0(
6**0+,5;(3
@
3(
69;6+6?(
*64,5AP
(i9,:8<,)9(1(9:,
*<(5+6
<5(

7(9;,
+,
3(
.3,:0(
69;6+6?(
9,*/(AP
3(
;<;,3(
46:*6=0;(e
5
‘‘”
:,

*9,P
(3
*640,5A6
+,
3(
<,99(
+,
0=650(
x‘
‘”f‘”y
<5
(9A6)0:7(+6

4,;967630;(56
r+,
0,=
@
;6+(
<:0(s
)(16
05-3<,5*0(
763(*(b
8<,
*65f
:0.<0P
.(5(9:,
3(
3,(3;(+
+,
3(
76)3(*0P5
69;6+6?(
+,
0;<(50(
@
+,
<5(

7(9;,
+,
3(
56)3,A(
+,:*65;,5;(
+,
3(
<:0(
6**0+,5;(3b
(<58<,
56
3(
+,

36:
*(47,:056:e
5
‘
•
‘
,3
9,@
,.0:4<5+6

(:(
796*3(4P
3(
<50P5

+,
,:(
.3,:0(
69;6+6?(
*65
,3
7(7(+6b
36
8<,
:0.50-0*()(
<5
9,-<,9A6

:0.50-0*(;0=6
+,
3(:
79,;,5:065,:
+,
64(
;9(:
3(
65;9(99,-694(
(

79,:0+09
<5(
90:;0(5+(+
73(5,;(90(e
,96
3(
9(5
<:0(
:,.<K(
-0,3
(3

4,;967630;(56
69;6+6?6
+,
6:*Te
65
3(:
=(90,+(+,:
+0:0+,5;,:
+,3
*90:;0(50:46
6**0+,5;(3
@
690,5f
;(3
(/69(
(:,5;(+(:b
@(
56
,9(
3(
+0-,9,5*0(
,5;9,
,3
*90:;0(50:46
69;6f
+6?6
@
,3
6**0+,5;(3
36
8<,
76+K(
+,-0509
3(
90:;0(5+(+e
5
3(
4,+0+(

,5
8<,
,?0:;K(
<5(
-965;,9(b
-694()(
7(9;,
+,
<5
4(7(
4,5;(3
(:<40+6

769
*(+(
,<967,6
@
769
36
;(5;6
4)0.<6
@
+,)(;0)3,e
(
:,5:(*0P5

,4,9.,5;,
,5
<967(
+,
:<
79670(
0+,5;0+(+
,5
9,3(*0P5
*65
4H90*(

@
,3
4<5+6
,5
.,5,9(3
+,:,47,NP
<5(
7(9;,
,5
3(
+,-050*0P5
+,
:<:
9,f
3(*065,:
*65
,3
,:;,
,<967,6e
6
8<,
:,
0+,5;0-0*()(
*646
r:(3=(1,s
@

r)C9)(96s
,5
36:
05+06:
+,
4H90*(
;,5K(
*646
*65;9(7(9;0+(
36
r*9<,3s

@
r+,:7P;0*6s
,5
3(
:6*0,+(+
@
3(
*<3;<9(
763K;0*(
9<:(e
3
,?7369(+69

05.3H:
,964,
69:,@b
8<0,5
7(:P
+0,*0:0,;,
(N6:
,5
3(
*69;,
+,
36:
T3;0f
46:
A(9,:
0T902
@
*656*K(
)0,5
,3
7(K:b
:,
:6979,5+K(
+,
:<
(9)0;9(90,f
+(+
@
)9<;(30+(+e
5-694(5+6
:6)9,
,3
(:,+06
+,
6=.696+
,5
‘’•f

“Œ
769
3(:
-<,9A(:
+,3
A(9
=C5
b
:,N(3()(
8<,
3(
*0<+(+
-<,
:(8<,(+(

769
ŒeŒŒŒ
;C9;(96:
@
ŒeŒŒŒ
(9*()<*,96:
8<,
r:05
505.T5
9,:7,;6b
=06f
3(965
(
;6+(:
3(:
4<1,9,:
@
+65*,33(:b
+,:=(301(965b
96)(965
@
,?7630(f
965
*<(5;6
=,K(5b
*646
16@(:b
=(1033(
@
;,:696:b
(:,:05()(5
(
3(
.,5;,b

1P=,5,:
@
=0,16:b
8<,4(965
;6+6
zeee{
05*,5+0(965
;6+6
zeee{
1<5;6
*65
3(

4<,9;,
+,
“ŒeŒŒŒ
/64)9,:b
4<1,9,:
@
50N6:
(*<*/033(+6:
@
(:,:05(f
+6:se
0
/(@
8<,
*9,,93,b
-<,
<5(
4(;(5A(
8<,
+,1P
7,8<,N(
3(
+,
3(

56*/,
+,
(5
(9;6364H
,5
(9K:
,5
‘“Že
(9(
H3
+,-05K(
36
8<,
+0-,f
9,5*0()(
(
<:0(
+,
3(
<967(
8<,
*656*K(e
:(
,9(
;(4)0H5
3(
67050P5

+,3
9,@
763(*6
*<(5+6
,:*90)K(
(
3(
9,05(
:(),3

+,
5.3(;,99(
76*6:

(N6:
+,:7<H:b
*<(5+6
33,.()(
(
:<
-05
3(
<,99(
+,
0=650(
d
r (:;(

(/69(
7(9,*K(46:
=,5*,9
z(3
A(9{
:636
,5
,:;6b
,5
8<,
,9(
9<+6
,5
(9;,
,

0.569(5;,
,5
763K;0*(
zeee{
6:6;96:
8<,
36
*656*,46:
4,169
@
305+(f
 0-*+
)

(0)* $
46:
*65
H3b
(=0:(46:
(
;0,476
(
6;96:
79K5*07,:
*90:;0(56:
8<,
56
;9(0f
*065,5
3(
+0.50+(+b
30),9;(+
@
=0+(
+,
,336:
40:46:
@
:<:
:T)+0;6:
-9,5f
;,
(3
4C:
)C9)(96
@
*9<,3
,5,40.6se
56
+,
36:
4,9*(+,9,:
05.3,:,:
8<,
=0:0;(965
<:0(
(
-05(3,:
+,3

:0.36
?=0
-<,
03,:
3,;*/,9b
-<5*065(906
+,
3(
*0<+(+
+,
65+9,:
8<,

-<,
,5=0(+6
*646
,4)(1(+69
(
6:*T
,5
1<506
+,
 ‘
””
7(9(
79,:,9=(9

36:
790=03,.06:
8<,
36:
4,9*(+,9,:
05.3,:,:
+,
3(
647(NK(
+,
6:*6f
=0(
/()K(5
6);,50+6e
(
*647(NK(
:,
/()K(
*9,(+6
,5
‘
‘
7(9(
)<:*(9

<5
(:6
+,3
69+,:;,
/(*0(
/05(e
5
‘‘
7(9;0,965
+,
65+9,:
;9,:

)<8<,:b
+,
36:
8<,
,3
*(70;(5,(+6
769
09
<./
0336<./)@
8<,+P

(;9(7(+6
769
36:
/0,36:
,5
3(
*6:;(
+,
<94(5:2b
4<90,5+6
3(
;907<3(f
*0P5
769
*65.,3(*0P5e
3
)(9*6
*(70;(5,(+6
769
0*/(9+
/(5*,3369

,5*65;9P
<5(
=K(
+,
,:*(7,
/(:;(
,3
,:;<(906
+,3
9K6
 =05(
,5
,3
4(9

3(5*6b
+65+,
:<
*(70;C5
-<,
,:*63;(+6
/(:;(
3(
*6:;(
7(9(
9,(30A(9
+,:f
+,
(33K
,3
3(9.6
=0(1,
x+,
4C:
+,
eŒŒŒ
24y
/(:;(
6:*Tb
+65+,
4(5;<f
=6
<5(
9,<50P5
*65
,3
A(9
=C5
e
/(5*,3369
9,.9,:P
(
65+9,:
*65

7964,:(:
+,
790=03,.06:
*64,9*0(3,:e
5
3(
H76*(
+,
3(
=0:0;(
+,
03,:

3,;*/,9b
3(
647(NK(
+,
6:*6=0(
/()K(
,:;()3,*0+6
(34(*,5,:
,5

91C5.<,3:2b
6346.69@b
636.+(
@
6:*Tb
@
*(+(
(N6
9,(30A()(5
,3

=0(1,b
8<,
+<9()(
;(5;6
*646
/(:;(
,3
<,=6
<5+6b
(39,+,+69
+,
<5(

+6*,5(
+,
)(9*6:e
3,;*/,9
9,.9,:P
(
5.3(;,99(
,5
‘”•
@
,:*90)0P
:<:
,?7,90,5*0(:
,5

 $
2&#
311#
!-++-,5#*2&U
()K(
8<,+(+6
0479,:065(+6
769
3(
,:*(3(

.0.(5;,:*(
+,
;6+6d
,3
;(4(N6
@
76;,5*0(3
+,3
7(K:b
769
56
4,5*065(9

36:
90.69,:
+,
:<
*304(
05=,95(3e
5;0€
3(:
*0<+(+,:b
,9(
6:*T
3(
8<,

9,*69+()(
4C:
*3(9(4,5;,d
4C:
+,
ŒeŒŒŒ
*(:(:
796;,.0+(:
;9(:
;9,:
*(f
7(:
+,
4<96:f*69;05(
@
4(@69
8<,
65+9,:e
6:
,+0-0*06:
,:;()(5
/,f
*/6:
,5
:<
4(@69K(
+,
4(+,9(
@
:,
76+K(5
*6479(9
79,-()90*(+6:
7(9(

05:;(3(936:
,5
<5
:636
+K(e
0,5+6
*646
,9(
<5
)<,5
7<90;(56b
3,;*/,9

:,N(3()(
8<,
3(
96=0+,5*0(
+0=05(
/()K(
(:,.<9(+6
8<,
3(
4(+,9(
-<,f
9(
<5
9,*<9:6
;(5
()<5+(5;,
8<,
,:(:
*(:(:
,9(5
)(9(;(:
x(<58<,
06:

/()K(
+,:*<0+(+6
(3
7(9,*,9
,3
90,:.6
+,
05*,5+06ye
3,;*/,9
4(5;<=6

05;,5:6:
*65;(*;6:
*65
3(
,30;,
*64,9*0(3
@
:,
:05;0P
0479,:065(+6
769

3(
,:*(3(
+,
:<:
5,.6*06:b
8<,
9,-3,1()(5
,3
=(:;6
76;,5*0(3
+,3
7(K:e
3

.9(56
,9(
()<5+(5;,
@
)(9(;6e
(
,*6564K(
9<9(3
*9,()(
.9(5+,:
,?*,f
+,5;,:
+,
*,9,(3,:e
5
,3
4,9*(+6
/()K(
796-<:0P5
+,
70,3,:
796*,+,5f
;,:
+,3
569;,
+,
<:0(e
3
(*,0;,
+,
-6*(
x<;030A(+6
,5
3(
-()90*(*0P5
+,

1()P5
@
,5
,3
*<9;0+6
+,
70,3,:
y
:,
796+<*K(
,5
.9(5+,:
*(5;0+(+,:
(

7(9;09
+,
3(
4(;(5A(
(5<(3
,5
3(
)(/K(
+,
(5
0*63C:e
<58<,
36:
*6f
Ž  '
 ./-0$q)

'
-$./$)
4,9*0(5;,:
+,
6:*T
+6405()(5
3(
,*6564K(b
;(4)0H5
:,
/(*K(5
90*6:

36:
4,9*(+,9,:
796=05*0(3,:e
@P
/()3(9
+,
;9,:
/,94(56:
x36:
;96.(f

56=b
(<58<,
H3
56
*656*K(
:<
564)9,y
+,
63=@*/,.6+:2
xr:(3
,5
,3
9K6

@*/,.+(syb
<5(
76)3(*0P5
4C:
79P?04(
(
91C5.<,3:2
8<,
(
6:*Tb

8<,
-<,965
+,
36:
7904,96:
7065,96:
+,
0),90(e
3,;*/,9
7,9*0)0P
8<,
(8<,33(
9,;(.<(9+0(
690,5;(3
76:,K(
,5694,:

9,*<9:6:b
7,96
*65=09;0P
:<
+0:*<9:6
:6)9,
<:0(
,5
<5(
(+=,9;,5*0(
(

:(),3
e
<:0(
,9(
,3
r96:;96
=,9+(+,96
@
,?;9(N6
+,
<5
:;(+6
;09C50*6

x4<@
+0-,9,5;,
(3
=<,:;96y
:05
<5
(<;H5;0*6
*656*040,5;6
+,
  b

:05
3,@,:
,:*90;(:b
:05
1<:;0*0(
69+05(90(se
<
.6)0,956
,9(
r4<@
7(9,*0f
+6
(3
;<9*6
zeee{
;6;(34,5;,
;09C50*6se
3,;*/,9
;,5K(
,5
4,5;,
(3.<5(:

*6990,5;,:
(5;07<90;(5(:
x@
;(3
*646
H3
3(:
=,K(b
():63<;0:;(:y
,5
3(
*69;,

05.3,:(e
<
;,?;6
,9(
;(5
-9(5*6
8<,
:<
7<)30*(*0P5
-<,
796/0)0+(
769

69+,5
+,
3(
9,05(b
*<@6
),5H-0*6
.6)0,956
;9(;()(
+,
(:,:69(9e
<,
56

6):;(5;,
7<)30*(+6
<5
7(9
+,
.,5,9(*065,:
4C:
;(9+,b
+<9(5;,
3(
<,f
99(
0=03
05.3,:(b
+,:,47,N(5+6
<5
7(7,3
,5
3(
7967(.(5+(
(5;046f
5C98<0*(
+,
3(
H76*(e
3,;*/,9
:636
-<,
<56
,5;9,
<5
.9<76
,4,9.,5;,

+,
=0(1,96:b
+07364C;0*6:
@
*64,9*0(5;,:
,<967,6ib
*<@6
*656*040,5f
;6
+,;(33(+6
+,3
7(K:
8<,+P
0479,:6
76*6
(5;,:
+,
’‘Œe
<:
05-694,:

:09=0,965
7(9(
*65:630+(9
3(
04(.,5
+,
<5(
<:0(
*<@6
:;(+6
@
:6*0,f
+(+
76+K(5
;,5,9
*0,9;(:
(-050+(+,:
*65
36:
+,
<967(b
7,96
8<,
56

*647(9;K(
:<:
=(369,:e
 


    
 

6:
;,?;6:
<;P70*6:
,<967,6:
8<,+(965
+,-050+6:
*646
.H5,96
(
9(KA

+,3
+,:*<)9040,5;6
+,
4H90*(e
(
r5<,=(
0:3(s
+,
;67K(
x,5
.90,.6b

r505.T5
3<.(9sy
+,
64C:
696
+,:*90;(
:<7<,:;(4,5;,
769
,3
4(90f
5,96
(7/(,3
@;/36+(@b
7,9;,5,*0,5;,
:,.T5
+,*K(
(
3(
;907<3(*0P5
+,

4H90*6
,:7<*06b
33,=()(
(
36:
3,*;69,:
3,16:
+,3
3<.(9
*65
,3
8<,
,:;(f
)(5
-(4030(90A(+6:
(
-05
+,
=,936b
769
+,*0936
(:Kb
+,:+,
-<,9(e
;67K(

,9(
;6+6
36
8<,
,3
/<4(50:;(
64C:
696
8<,9K(
8<,
-<,9(
3(
90:;0(5f
+(+
+,
:<
H76*(e
<:
*0<+(+(56:
:,
05;,9,:()(5
769
3(
*6:(
7T)30*(b

9,:7,;()(5
3(
3,@
@
;9()(1()(5
,:-69A(+(4,5;,e
)699€7K(5
,K
+,:703-(f
996
@
=0=K(5
=09;<6:(4,5;,
,5
*64T5e
r<,9(
+,
;67K(b
,=0+,5;,f
4,5;,b
3(
.,5;,
/()3(
4<*/6
+,3
)0,5,:;(9
7T)30*6b
7,96
:636
)<:*(
:<:

05;,9,:,:
790=(+6:
v :,N(3()(
@;/36+(@v e
5
;67K(b
+65+,
5(+(
 0-*+
)
'
(0)* #  '
 ./-0$q)

'
-$./$)

,:
790=(+6b
:,
79,6*<7(5
:,90(4,5;,
769
36:
(:<5;6:
7T)30*6:es
5

-694(
:,
(.<+0A(965e
(
*9,,5*0(
,5
3(
796=0+,5*0(
*65*,+K(
(
3(:
<;6f
;67K(
56
:,
*,9*()(5
3(:
;0,99(:
*64<5,:
7(9(
<:6
790=(+6e
<:
.6f
7K(:
796;,:;(5;,:
<5(
+04,5:0P5
403,5(90:;(b
(
4,5<+6
:<)9(@(+(
769

),95(5;,:
56
,479,5+K(5
.<,99(:
769
:<:
6)1,;0=6:
+05C:;0*6:
790=(f
:<:
=K5*<36:
,5
3(
<967(
*,5;9(3
796;,:;(:;,
*65
8<K40*6:b
4H+0*6:
@

+6:e
6
/()K(
<5(
56)3,A(
/,9,+0;(90(
8<,
79,=(3,*0,9(
:6)9,
,3
9,:;6

;,P36.6:
4K:;0*6:
9,-694(+69,:e
5
,3
,5-,)9,*0+6
*304(
+,
<967(

+,
3(
.,5;,
@
:(5.9(9(
,3
;,:696
7T)30*6
,5
:<
796706
),5,-0*06e
;030f
*,5;9(3
;9(:
3(
,-,5,:;9(*0P5
+,
9(.(
@
3(
(7(90*0P5
+,
<5
.9(5
*6f
A(5+6
<5(
(*6:;<4)9(+(
(3,.69K(
73(;P50*(b
696
*65=09;0P
3(:
;0,99(:

4,;(
,5
36:
T3;046:
4,:,:
+,
’”b
6/(55
(3,5;K5
5+9,(,
7<)30*P

9,*0,5;,4,5;,
+,:*<)0,9;(:
,5
<5
,:7,16
7(9(
<5
,:7(*06
,<967,6
,5
,3

:<
&0'12',-.-*'1b
:6)9,
<5(
:6*0,+(+
*90:;0(5(
46+H30*(
,5
<5(
0:3(

8<,
3(
*6+0*0(
7,9:65(3
,:;()(
:6*(=(5+6
3(:
3,@,:b
3(
469(30+(+
@
3(:

3,1(5(b
*<@6:
/()0;(5;,:
+,*K(5
(3
,?;9(51,96
8<,
33,.()(
(
,33(
8<,
:<

*9,,5*0(:
*64<5,:
:6)9,
3(:
8<,
:,
)(:()(
,3
*90:;0(50:46e
(
3,**0P5

=0:0;(
,:;()(
r)(16
3(
796;,**0P5
+,
06:
(
-05
+,
8<,
7<+0,9(
(79,5+,9

8<,
696
8<,9K(
047(9;09
(
:<:
3,*;69,:
*65
:<
+0C36.6
,9(
8<,
,9(
4,f
:0
,:
:0,479,
5,*,:(906
/(*,9
,3
4(3
@
=0=09
:,.T5
3(:
*6:;<4)9,:
+,
36:

169
+,+0*(9:,
(
3(
+0-K*03
;(9,(
+,
9,-694(9
,3
)0,5
*64T5b
(<5
047,9f
)C9)(96:s
x,:;6
,:b
36:
r,<9670(56:sye
(
*0<+(+
04(.05(+(
769
 5 f
-,*;(4,5;,b
8<,
56
/(*,936
,5
():63<;6e
<
7,8<,N6
;9(;(+6b
7<)30*(+6

+9,(,
;,5K(
*646
*,5;96
<5
,:;()3,*040,5;6
+,
,5:,N(5A(
,
05=,:;0.(f
050*0(34,5;,
,5
3(;K5
,5
 ‘’b
:,
;9(+<16
+,:+,
-05(3,:
+,
3(
+H*(+(
+,

*0P5
x*<906:(4,5;,
:0403(9
(3
6):,9=(;6906
+,
9(50,5)69.
*65:;9<0+6

‘Œ
x(3
0;(30(56
,5
‘”c
(3
-9(5*H:
,5
‘
‘Œc
(3
05.3H:
,5
‘
‘
c
(3
5,,9f
(
-05(3,:
+,
3(
+H*(+(
+,
 ‘“Œ
769
,3
(:;9P5646
+(5H:
@*/6
9(/,
,5

3(5+H:b
,5
‘
‘
yb
8<,
,:
*<(5+6
36:
*65-30*;6:
9,.065(3,:
,<967,6:
*6f
3(
0:3(
+,
=,5ye
(9(
5+9,(,b
3(
9,-694(
+,
3(
,5:,N(5A(
,9(
,:,5*0(3

4,5A(965
(
,5;9,4,A*3(9:,
*65
3(
7<.5(
*65-,:065(3e
7(9(
*65=,9;09
,3
*656*040,5;6
/<4(56
,5
<5
05:;9<4,5;6
7(9(
4,16f
 3
05;,5:0-0*(9:,
3(:
+0=0:065,:
9,30.06:(:
,5
<967(b
3(
0+,(
+,
<5(

9(9
3(:
*65+0*065,:
+,
3(
/<4(50+(+
4C:
8<,
*646
(94(
,5
,3
*65-30*;6

*0<+(+
9,*0,5;,4,5;,
+,:*<)0,9;(
,5
<5(
0:3(
3,1(5(
:,
*65=09;0P
,5
<5(

,5;9,
*65-,:065,:e
5
;646
(3
*63,.06
+,
(79,5+0A(1,b
5+9,(,
:0;<()(

-694(
+,
,:*(7(9
+,
3(:
;,5:065,:
*9,(+(:e
5
3(
7,5K5:<3(
0;(30(5(b
3(

36:
;(33,9,:b
.9(5,96:
,
05:;(3(*065,:
7T)30*(:
8<,
4(5;,5K(5
3(
:6*0,f
r0<+(+
-,30As
xr<;67K(s
,9(
*646
:,
;9(+<*K(
(3
0;(30(56
,3
564)9,

+(+
9,-694(+(
@
*6/,:065(+(
*65
3(
8<,
:6N()(e
9(5*0:
(*65
0)(
(

+,
3(
0:3(
+,
64C:
696y
,9(
<5
4<5+6
04(.05(+6
769
,3
-03P:6-6

05:709(9:,
,5
3(
&0'12',-.-*'1
+,
5+9,(,
*<(5+6
,:*90)0P
3(
#5
 2V

73(;P50*6
9(5*,:*6
(;90A0
,5
<5(
6)9(
7<)30*(+(
,5
,5,*0(
,5
‘

e

*,2'1R
7<)30*(+(
,5
’Ž“e
4)(:
:09=0,965
+,
46+,36
(
(4<,3
(9;f

 3
*6)9(9
-<,9A(
3(
65;9(99,-694(b
36:
;,?;6:
<;P70*6:
:,
*65=09;0,f
30)b
79<:0(56
9,-<.0(+6
,5
65+9,:
(
9(KA
+,
3(
<,99(
+,
36:
9,05;(

965
,5
<5(
-694(
+,
,?79,:(9
*65
7(3()9(:
0+,(:
8<,
+,
6;9(
-694(

N6:b
,5
:<
#1!0'.2'-,
- $
2&#
+-31
',%"-+#
- $
 !0@R
6;96
9,K
(;6

/()9K(5
*6533,=(+6
3(
*,5:<9(e
<+6=0*6
.6:;050
05*3<@P
<5(
04(.0f
<;P70*6
7<)30*(+6
*<(5+6
:,
05(<.<9()(
3(
:,.<5+(
:,:0P5
+,3
(93(f
5(90(
9,7T)30*(
05:<3(9
,5
:<
r0C36.6
:6)9,
,3
05-050;6s
c '*-%&'

4,5;6
(9.6
,5
6*;<)9,
+,
’b
,5
=K:7,9(:
+,
3(
<,99(
0=03
05.3,f
" # **[ ,$','2-b
!U
m ‘”Œyb
40,5;9(:
8<,
644(:6
(47(5,33(
,:*90)0P
:<

:(e
(9;30)
56
,9(
,3
T50*6
,5
=,9
=K5*<36:
,5;9,
3(
*9,(*0P5
+,
*63650(:

r0<+(+
+,3
:63s
c'229
"#*
-*#b
’ŒŽyb
,5
<5(
790:0P5
5(7630;(5(
,5

,5
4H90*(
@
3(
9,(30A(*0P5
79C*;0*(
+,
&0'12',-.-*'1
*646
<5(
,5;0f
’ŒŽe
(47(5,33(
04(.05()(
36
8<,
76+9K(
:,9
<5
047,906
,:7(N63
9,f
+(+
763K;0*(
9,-694(+(
*<@6:
=(369,:
/()K(
9,*/(A(+6
3(
<967(
56
9,f
-694(+6e
9,:,5;()(
36:
.9(5,96:
465C:;0*6:
+090.0+6:
769
,3
:;(+6b

-694(+(e
36:
:,405(906:
*65=,9;0+6:
,5
;(33,9,:
@
(
36:
05+06:
(4,90*(56:
*65

0
4H90*(
:636
/<)0,9(
:0+6
<5
3<.(9
8<,
<967(
56
*656*K(
(5f
6-0*06:
(79,5+0+6:
@
*65=,9;0+6:
,5
<5(
-<,9A(
+,
;9()(16
4P=03b
;6+6

;,:b
,:*90)K(
,3
7(:;69
/<.656;,
,(5
+,
H9@b
8<0,5
7(:P
+6:
(N6:
6)f
,336
(3
:,9=0*06
+,
<5(
465(98<K(
,:7(N63(
796=0+,5*0(3b
*<@6
+,:;056

:,9=(5+6
+,
*,9*(
(
36:
;<705(4)C
+,
9(:03
,5
‘‘’f‘‘”b
r:0(
@

,9(
.6),95(9
,3
4<5+6e
5;9,;(5;6b
:<
*65;,4769C5,6
<+6=0*6
<*f

-90*(
76+9K(5
:,9
;(4)0H5
33(4(+6:
5<,=6:
4<5+6:
7(9(
56:6;96:se

*636
<;030A()(
,5
’Ž‘
3(:
0:3(:
04(.05(90(:
+,
r,33<AA0s
@
r=(5+90(s

6
8<,
/(*K(
(
4H90*(
+0-,9,5;,
,:
8<,
,9(
<5
*65;05,5;,
+,3
8<,
56

7(9(
79,:,5;(9
36
8<,
76+9K(
/(),9
:0+6
<5(
,5,*0(
9,-694(+(b
<5(

/()K(
<5
*656*040,5;6
;,?;<(3
79,=06e
<
+,:*<)9040,5;6
:,
*65=09;0P

(<;H5;0*(
,7T)30*(
r:,9,5K:04(se
,5
<5(
9,:7<,:;(
P7;04(
7(9(
8<0,5,:
8<,9K(5
+,:(-0(9
,3
*65:,5:6
-0f
(
2-.@
+,
64C:
696
;(4)0H5
;<=6
,*6
,5
3(
<967(
796;,:f
36:P-0*6
(90:;6;H30*6
+6405(5;,
@
+,-,5+K(5
3(
7904(*K(
+,
3(
,?7,90,5f
;(5;,b
,:7,*0(34,5;,
*<(5+6
3(:
;,5:065,:
763K;0*6f9,30.06:(:
+,
3(
 ,f
*0(
:6)9,
,3
*656*040,5;6
/,9,+(+6e
3
/0:;690(+69
1,:<K;(
6:H
+,
 0-*+
)
'
(0)* 
*6:;(
+,:*<)90P
8<,
;,5K(
-9K6
(
4,+06+K(
,5
,3
;9P70*6
7,:,
(3
*(369

+,3
:63e
5
3(
4,;,69636.K(
+,
90:;P;,3,:b
,:;6
,9(
<5(
0476:0)030+(+

,?0:;,5*0(3b
7,96
*6:;(
*9,K(
(
:<:
796706:
:,5;0+6:
@
r:,
90P
@
:,
)<93P

+,
90:;P;,3,:
@
:<
-036:6-K(se
(
*09*<3(*0P5
+,
05-694(*0P5
0479,:(
:6)9,
,3
<,=6
<5+6
,9(

4<@
(4730(e
(:
5(99(*065,:
:6)9,
=0(1,:
@
,?7369(*065,:
,5*65;9()(5

<5
4,9*(+6
4<@
)0,5
+0:7<,:;6e
(:
*(9;(:
+,
,95C5
69;H:b
769

,1,4736b
(7(9,*0,965
0479,:(:
,5
*05*6
3,5.<(:
@(
(5;,:
+,
‘Ž‘e
3

3+0'-
"#

'12-0'
230*
"#
1
,"'1
+,
,95C5+,A
+,
=0,+6
:,

7<)30*P
769
7904,9(
=,A
<5
(N6
+,:7<H:e
,+96
C9;09
+,
5.3,9K(
7<f
)30*P
3(
7904,9(
r/0:;690(s
*6473,;(
+,
36:
+,:*<)9040,5;6:
,5
,3
<,=6

<5+6
,5
‘
Œe
5
‘

(7(9,*0P
,5
,:7(N63b
(3,4C5
@
-9(5*H:
3(
#0"V
"#0
0#*!'D,
"#
*
!-,/3'12
"#*
#0H
7
. 0-4',!'
"#
3/!-R
**+"
*
3#V
4
12'**
+,
9(5*0:*6
+,
,9,Ab
@
,3
(N6
:0.<0,5;,
:,
7<)30*P
,3
7904,9

=63<4,5
+,
3(
'12-0'
#,#0*
"#
1
,"'1
+,
,95C5+,A
+,
=0,+6e

9(
46+,:;(
,5
*647(9(*0P5
*65
3(:
r+H*(+(:s
+,
3(
'12-0'
%#,#0*
"#

*-1
&#!&-1
"#
*-1
!12#**,-1
#,
*1
1*1
7
'#00
'0+#
"#*
+0
!>,-
/3#

**+,
,"'1
!!'"#,2*#1
+,
5;6506
+,
,99,9(b
7<)30*(+(
,5
36:
790f
4,96:
(N6:
+,3
:0.36

x’Œf’‘yb
6
3(
-,0!&'
,"',
+,
<(5
+,

c
698<,4(+(
x ’ ‘yb
<5(
/0:;690(
465<4,5;(3
+,
36:
7<,)36:
05+K.,5(:

+,
4H90*(e
(:
4'%2'-,'
#2
'%%'
x‘
‘Œy
+,
06=(550
(;;0:;(
(f

4<:06
,473,()(5
3(
56*0P5
+,
r*63,**0P5s
+,
+0(906:
+,
=0(1,
769
,3

<,=6
<5+6
*646
4,;65040(
7(9(
;6+6
,3
796*,:6
+,3
+,:*<)9040,5f
;6e
,+0*P
:<
6)9(
(
0963(46
9(*(:;696
7698<,
r56
040;(
:0473,f
4,5;,b
*646
/(*,5
4<*/6:b
50
=(
+‹
<5
30)96
(
6;96b
46+0-0*(5+6b

;9(5:*90)0,5+6
@
+,*3(9(5+6
3(:
*6:(:
+,
6;96:
/64)9,:sb
:056
8<,
,9(

<5
(<;H5;0*6
r+,:*<)90+69s
8<,
r/()K(
=0(1(+6
769
,3
4<5+6
9,*63,*f
;(5+6
4<*/(:
*6:(:
5<,=(:
+,
3(:
8<,
5(+0,
/()K(
6K+6
/()3(9
(5;,:se
3
,5*<,5;96
*65
6;96:
:,9,:
/<4(56:
+,
-<,9(
+,
<967(
04730*(f
)(
<5
1<0*06e
3
6):,9=(+69
;,5K(
8<,
:0;<(9:,
,5
9,3(*0P5
*65
,:6:
6;96:

:,9,:
/<4(56:b
@
,:,
3<.(9
,9(
9,3(;0=6b
*6473,16
@
,46*065(3b
(
3(
=,A

8<,
9(*065(3e
6+6
,3
4<5+6
,:;()(
*65=,5*0+6
x7698<,
90:;P;,3,:

@
3(
5;0.U,+(+
*3C:0*(
,5
.,5,9(3
:,
36
/()K(5
,5:,N(+6y
8<,
3(
5(;<f
9(3,A(
/<4(5(
,9(
<50-694,e
:Kb
*<(5;6
4C:
,:;9,*/6
,9(
,3
*65;(*;6

+,
36:
,<967,6:
*65
36:
7<,)36:
+,3
<,=6
<5+6
x@
769
,?;,5:0P5

*65
36:
(-90*(56:
,
05+K.,5(:
+,3
/,40:-,906
690,5;(3yb
4C:
:,
7(9,*K(5

,:6:
6;96:
7<,)36:
(
<5
,:7,16
,5
,3
8<,
36:
,<967,6:
:,
=,K(5
(
:K
40:f
46:b
:09=0,5+6
3(:
+0-,9,5*0(:
7(9(
,?730*(9
6
,?(.,9(9
3(:
+0=0:065,:
,5

<967(
@
,5;9,
36:
,<967,6:e
( '
 ./-0$q)

'
-$./$)
<(5+6
0;690(
)<:*P
*65
8<H
,<967,6:
76+K(
*647(9(9
(
36:

(4,905+06:b
7,5:P
,5
36:
*(47,:056:d
r 5*3<:6
,5;9,
56:6;96:
40:46:

76+,46:
=,9
8U,
4<*/6:
*(47,:056:
:,
+0-,9,5*0(5
76*6
+,
3(:
),:f
;0(:se
6:
40:065,96:
1,:<K;(:
*64,5;()(5
+,:+,
 ‘
‘Œ
,5
:<:
*(9;(:
(

64(
r,:(:
5+0(:s
+,
3(
;(30(
9<9(3b
3<.(9,:
+65+,
36:
*(47,:056:
= 0f
=K(5
*646
r:(3=(1,:sb
+0-090,5+6
(3
7(9,*,9
4<@
76*6
:<:
*9,,5*0(:
+,

3(:
+,
36:
05+06:b
@
;(5
9,:0:;,5;,:
*646
,336:
(
3(
r,+<*(*0P5s
8<,
3,:

6-9,*K(
3(
65;9(99,-694(e
5
3(:
.<,99(:
0;(30(5(:
+,
3(
7904,9(
40;(+

+,3
:0.36
?=0
36:
0;(30(56:
33(4()(5
r)C9)(96:s
(
36:
05=(:69,:
+,
4C:

(33C
+,
36:
37,:e
 3
/0:;690(+69
/<4(50:;(
-9(5*H:
;0,55,
(:8<0,9
:,

,:*(5+(30A()(
+,
8<,
(
36:
-9(5*,:,:
:,
3,:
33(4(9(
r)C9)(96:sb
7,96
(

*65;05<(*0P5
<;030A()(
,3
40:46
,7K;,;6
7(9(
36:
(3,4(5,:e
6:
r465:f
;9<6:s
*65
36:
8<,
36:
=0(1,96:
,4),33,*K(5
:<:
9,3(;6:
x(4(A65(:b
(5f
+9P.056:b
(5;967P-(.6:b
.0.(5;,:b
*K*367,:b
;96.36+0;(:b
70.4,6:b
.,5f
;,
*65
*63(y
:,
+64,:;0*()(5
@
,5*(95()(5
,5
,:;,9,6;076:
+,
6;96:

,<967,6:e
695,30<:
,44(b
796-,:69
+,
4,+0*05(
,5
6=(05(b
7<)30f
*P
,5
‘“‘
<5
;9(;(+6
,5
,3
8<,
,5<4,9()(
3(:
+0=,9:(:
9(A(:
+,
465:f
;9<6:b
7,96
6):,9=()(d
r6
,:
5,*,:(906
09
/(:;(
,3b<,=6
<5+6
7(9(

,5*65;9(9
:,9,:
+,
,:,
;076c
3(
4(@69K(
+,
,336:
@
6;96:
(T5
4C:
,:7(5f
;6:6:
:,
7<,+,5
,5*65;9(9
(8<K
,5;9,
56:6;96:b
(/69(
8<,
3(:
9,.3(:
+,

3(
1<:;0*0(
:65
70:6;,(+(:b
;6+(
/<4(50+(+
+,:,*/(+(
@
;6+(
9,30.0P5

/,*/(
;90A(:se
<0AC
;,5K(
,5
4,5;,
3(
30;,9(;<9(
7(5-3,;(90(
+,
3(
H76f
*(b
,5
3(
8<,
x769
,1,4736y
36:
-9(5*,:,:
(:,.<9()(5
8<,
36:
05.3,:,:b

*646
36:
/64)9,:
:(3=(1,:b
;,5K(5
*63(b
6
,5
3(
8<,
36:
796;,:;(5;,:

,9(5
465:;9<6:
(
616:
+,
36:
*(;P30*6:b
@
=0*,=,9:(e
<9(5;,
3(
:,.<5+(
40;(+
+,3
:0.36
? = 0b
@
,:7,*0(34,5;,
,5
;6956

(
‘
”Œ
x*<(5+6
3(
/,.,465K(
,:7(N63(
:6)9,
,3
047,906
769;<.<H:

+,
<3;9(4(9
:,
*65=09;0P
,5
<5(
9,(30+(+b
@
9(5*0:
9(2,
(*()()(
+,

*09*<55(=,.(9
,3
4<5+6yb
36:
,:*90;69,:
@
.9()(+69,:
-9(5*,:,:
@

5,,93(5+,:,:
:,
/0*0,965
,*6
+,
3(:
6)9(:
+,
(:
(:(:
@
6;96:
7(9(

79,:,5;(9
(3
r)<,5
:(3=(1,sb
,3
05+06
8<,
/()K(
:0+6
679040+6
769
36:

*658<0:;(+69,:
,:7(N63,:
@
8<,
:,
*65=,9;09K(
,5
<5
(30(+6
*65;9(
3(:

*9<,3+(+,:
r4(8<0(=H30*(:s
+,
:<
*64T5
,5,40.6e
8<,3
40:46
(N6

65;(0.5,
7<)30*P
:<
-(46:6
,5:(@6
r6)9,
36:
*(5K)(3,:sb
(+67;(5f
+6
,3
;656
+,
<5
.,5;03/64)9,
8<,
+,:+,
:<
,:;<+06
*65;,473()(
7,9f
73,16
,3
4<5+6
(
:<
(39,+,+69e
65;(0.5,
:,
9,-,9K(
u : <
,5*<,5;96
,

05;,5;6
+,
*65=,9:(*0P5
*65
<5
;<705(4)C
,5
<C5e
;030AP
(8<,33(

,?7,90,5*0(
7(9(
*(30)9(9
:<:
9,(**065,:
/(*0(
36
8<,
:<*,+K(
,5
9(5*0(

,5
(8<,33(
H76*(e
 0-*+
)
'
(0)* Ž•
(9(
/(*,936b
65;(0.5,
9,*<99K(
(3
05-694,
9,*0,5;,4,5;,
7<)30f
*(+6
+,3
7(:;69
796;,:;(5;,
,(5
+,
H9@
:6)9,
3(
,?7,90,5*0(
+,3
(:,f
+06
+,
(5*,99,
,5
‘“e
<9(5;,
,3
(:,+06b
H9@
,5;9P
,5
3(
*(:(
+,

<56
+,
:<:
-0,3,:b
8<0,5
:05;0H5+6:,
46909
+,
/(4)9,
:,
/()K(
*640+6
(

:<
/01(
+,
;9,:
(N6:e
0,5+6
:<
3,5.<(
*6*05(+(
,5
,3
73(;6b
H9@
:,
79,f
.<5;()(
769
8<H
:<
9,7<3:0P5
=0:*,9(3
56
/()K(
:0+6
3(
40:4(
*<(5+6

/()K(
,:;<+0(+6
3(:
79C*;0*(:
*(5K)(3,:
+,
36:
05+06:
;<705(4)C
+<9(5;,

3(
,?7,+0*0P5
+,
033,.(.565
(
9(:03
,5
‘
‘’f‘
‘“e
646
)<,5
*(3=0f
50:;(b
=,K(
*3(9(4,5;,
+P5+,
,:;()3,*,9
3(
3K5,(
+,
:,7(9(*0P5
,5;9,

r,336:s
@
r56:6;96:sb
@
56
+<+()(
+,
8<,
56
,9(
:636
*<3;<9(3b
:056

;(4)0H5
;,63P.0*(e
636
 06:
:()K(
,5
T3;046
;H94056
8<0H5
:,
0)(
(

:(3=(9
@
8<0H5
56b
@
(3=056
/()K(
:0+6
4<@
*3(96
(3
9,:7,*;6d
r6
/(@

505.<5(
5(*0P5
;(5
)C9)(9(b
505.<5(
9(A(
;(5
)9<;(3b
*646
7(9(
8<,

56
,:;H
04)<0+(
+,
3(
*65=0**0P5
+,
8<,
,?0:;,
<5
06:se
05
,4)(9.6b

,5
,3
*(:6
+,
36:
;<705(4)C
:<
:<7,9:;0*0P5
:,
/()K(
05;,90690A(+6b
:0,5f
+6
;9(5:40;0+(
+,:+,
4<@
(5;0.<6b
7698<,
,9(5
+,:*,5+0,5;,:
+,
(4

@
,:;()(5
4(3+0;6:e
5;,979,;()(
36:
(<330+6:
90;<(3,:
+,
36:
05+06:

*646
4(50-,:;(*0P5
+,
:<
76:,:0P5
+,4650(*(e
9(5b
,5
9,:<4,5b

099,+040)3,:e
,96
=63=0,5+6
(
<967(b
+65+,
;,5+9K(
8<,
/(),9
:0+6
+0-,9,5;,b

56
36
,9(
;(5;6e
(4)0H5
(33K
,?0:;K(
,3
*(50)(30:46b
@
,:6
,9(
36
8<,

(:64)9()(
;(5;6
(
65;(0.5,d
r6
3(4,5;6
8<,
(79,*0,46:
,3
)C9)(f
96
/69969
+,
;(3,:
(*;6:
v +,*K(v
:056
8<,b
(3
1<A.(9
:<:
-(3;(:b
:,(f
4 6:
;(5
*0,.6:
(
3(:
5<,:;9(:se
<(5+6
,(5
+,
H9@
9,*69+()(
3(:

+(5A(:
90;<(3,:
+,
36:
05+06:b
56
,9(
7~9(
+,:79,*0(93(:
*646
:0473,f
4,5;,
+0()P30*(:d
r@,5+6
3(:
(9465K(:
4,+0+(:
+,
;(3
4<3;0;<+b
@
,:f
7,*0(34,5;,
3(
*(+,5*0(
@
,:;90)0336
+,
3(
*(5*0P5b
*<(5+6
,5
*(+(
=,9f
:6
,5*(+,5()(5
:<:
=6*,:
+0*0,5+6
#3R
&#330#R
&#2#0R
&#3030#R

)#30R
&#30R
-3'#&b
4,
:,5;K(
;9(5:769;(+6
+,
73(*,9e
0,479,
8<,
36

9,*<,9+6b
40
*69(AP5
;0,4)3(se
3
+,:*<)9040,5;6
+,
4H90*(
+,:7,9f
;P
,5
<967(
3(
(79,*0(*0P5
+,
36
8<,
,9(
r*<906:6s
@
r4(9(=0336:6sb

7,96
;(4)0H5
+,
36
r)C9)(96se
6:
:(3=(1,:
:,
*65=09;0,965
,5
<5(
7(9f
;,
+,
36
8<,
0)(
(
:,9
,<967,6e
“
 


 



  
  

  
(
,9(
+,
36:
+,:*<)9040,5;6:
56
-<,
T50*(4,5;,
3(
+,
3(
,?7369(*0P5
@

*63650A(*0P5
+,3
5<,=6
*65;05,5;,b
,3
;9(:0,.6
769
36:
6*H(56:
@
3(
<)0f
*(*0P5
+,
<967(
*65
9,:7,*;6
(
,336:e
<,
;(4)0H5
3(
+,
3(
.,9405(*0P5

+,
<5(
5<,=(
(79,*0(*0P5
+,
3(
5(;<9(3,A(
@
+,3
<50=,9:6e
6:
;,P36.6:

*90:;0(56:
*9,K(5
8<,
,3
69+,5
5(;<9(3
,:;()(
:<)69+05(+6
(
06:
@
8<,

,3
<50=,9:6
*9,(+6
,9(
<5
9,-3,16
+,
:<
+0=05(
=63<5;(+eb06:
76+K(
<:(9

3(
5(;<9(3,A(
7(9(
05+<*0956:
(
(3()(9
:<
.9(5+,A(
@
(:64)9(956:
(5;,

:<
*9,(*0P5
@
645076;,5*0(e
(
796365.(+(
(*;0=0+(+
=63*C50*(
+,3

;5(
@
3(
3,.,5+(90(
9,.,5,9(*0P5
+,
3(:
:(3(4(5+9(:
:64,;0+(:
(3
-<,f
.6
-<,965
:,N(3(+(:
769
(5
.<:;K5
*646
,1,4736:
+,
3(
05;,9=,5*0P5

+,
 06:
,5
3(
5(;<9(3,A(
7(9(
9,*69+(956:
8<,
76+K(
/(*,9
(9+,9
5<,:f
;96:
*<,976:
+<9(5;,
;6+(
3(
,;,950+(+e
(
0)30(
6-9,*K(
()<5+(5;,:

79<,)(:
+,
8<,
76+K(
796=6*(9
(*65;,*040,5;6:
,?;9(69+05(906:
,5

,3
4<5+6
5(;<9(3e
,;,690;6:b
*64,;(:b
5(*040,5;6:
465:;9<6:6:
@

6;96:
,?;9(N6:
-,5P4,56:
76+K(5
:,9
;64(+6:
*646
(+=,9;,5*0(:
+,

3(
09(
+,
06:
6
+,
3(
05405,5*0(
+,
.9(5+,:
(*65;,*040,5;6:e
646

4K5046
/(*K(5
9,*656*,9
8<,
3(
5(;<9(3,A(
,9(
0479,+,*0)3,b
*(4)0(5;,

,
099,.<3(9e
,:+,
4,+0(+6:
+,
3(
+(+
,+0(
3(
90:;0(5+(+
9,*<7,9P
3(:
,5f
:,N(5A(:
+,
36:
-03P:6-6:
.90,.6:
v ,5
7(9;0*<3(9
90:;P;,3,:
@

(3,f

56v b
8<,
:,
:<7,9765K(5
*65
3(
+6*;905(
=0.,5;,
+,3
<50=,9:6
.,6*H5f
;90*6
7;63,4(0*6e
(
5(;<9(3,A(
:,
,5;,5+K(
*646
<5
,:7(*06
69+,5(+6

@
*6/,9,5;,b
7(9;,
+,
3(
=,9+(+
<50=,9:(3
+0=05(4,5;,
:(5*065(+(
769

3(
;,636.K(b
*6:(:
8<,
76+K(46:
+(9
769
*0,9;(:
@
811,
*65:;0;<K(5
,3

r*656*040,5;6s
x1!'#,2'ye
(+6
8<,
3(
=,9+(+
+0=05(
@
3(
/<4(5(

,9(5
3(
40:4(
*6:(b
3(
-036:6-K(
5(;<9(3
-694()(
7(9;,
05;,.9(3
+,
3(:

,:;9<*;<9(:
+,
7,5:(40,5;6
+,
3(
90:;0(5+(+e
(+(
3(
*6473,10+(+
+,3
 *. -1$q)

'
/$ --
4
'*.
$ '*. Ž%y

0330(4
(9=,@
+,
3(
*09*<3(*0P5
+,
3(
:(5.9,
3,
796769*065P
3(
(5(36f
.K(
+,
<5(
)64)(
/0+9C<30*(
7(9(
,:,
P9.(56e
3
616
-694()(
7(9;,
+,
,:(
4C8<05(e
<:
+0:,**065,:
3,
/()K(5

46:;9(+6
:<
-0:0636.K(b
:<:
/()030+(+,:
.,64H;90*(:
,?730*()(5
:<
P7;0f
*(
@
3(:
3,@,:
+,
3(
-K:0*(
+,;,9405()(5
3(
5(;<9(3,A(
+,
3(
3<A
@
,3
*6369e

6+K(
,?730*(9
8<,
-<5*065()(
*646
<5(
*C4(9(
6:*<9(e
6
8<,
+,




/,*/6
r=,K(46:s
,5
5<,:;96
*,9,)96
56
:,
(:,4,1()(
(
3(
04(.,5
8<,

:,
-694()(
,5
3(
9,;05(e
3
*,9,)96
9,*0)K(
<5(
:,N(3
+,:*647<,:;(b
@

4,+0(5;,
,3
796*,:6
*6.50;0=6
3(
9,*65=,9;K(
,5
r=0:0P5se
:K
3(
=0:0P5

4,*C50*(
+,
,:*(9;,:
*69;6*09*<0;()(
,3
+,)(;,
:6)9,
3(
9,3(*0P5
,8<Kf

 

   
=6*(
,5;9,
=0:0P5
@
9,(30+(+b
/(*0,5+6
099,3,=(5;,
,3
,:*,7;0*0:46
:6f
)9,
36
8<,
76+K(46:
9,(34,5;,
*656*,9e
0
=,K(46:
465:;9<6:b
403(f
5
,3
*651<5;6
+,
3(
90:;0(5+(+
,3
*656*040,5;6
/()K(
:0+6
790=03,.06

.96:b
:<,N6:
@
(7(90*065,:b
,9(5
,3
9,:<3;(+6
+,
5<,:;96
796706
796*,:6

+,
<56:
76*6:c
:<
5(;<9(3,A(
8<,+()(
9,:;905.0+(
769
36
8<,
*65:;0;<K(

*6.50;0=6e
6
,?0:;K(5
-<,9(
+,
5<,:;9(:
*(),A(:e
6
8<,
*656*K(46:

3(
*0,5*0(b
@
:<
*09*<3(*0P5
769
36:
*09*<0;6:
790=03,.0(+6:
+,
:<
(+8<0:0f
*65
:,.<90+(+
,9(
,3
4<5+6
(
5<,:;96
(39,+,+69d
:<
*65-0.<9(*0P5b
;(f
*0P5
@
;9(5:40:0P5e
<9(5;,
,3
:0.36
21'
@
3(
7904,9(
40;(+
+,3

:,

4(N6b
,?;,5:0P5
@
46=040,5;6e
796+<16
<5(
,?7(5:0P5
+,
36
8<,
:,
*65:0+,9()(
*656*040,5;6b
+,
36:

(9(
/64(:
6)),:b
*65;,4769C5,6
+,
,:*(9;,:b
,3
,:;<+06

3<.(9,:
+65+,
76+K(
9,*6.,9:,
@
;9(5:40;09:,b
+,3
5T4,96
+,
36:
8<,

*0,5;K-0*6
+,
3(
P7;0*(
,9(
;(4)0H5
<5(
79,6*<7(*0P5
*,5;9(3b
@
:<
r=0f
76+K(5
(**,+,9
(
H3
@
+,3
C4)0;6
.,6.9C-0*6
769
,3
8<,
*09*<3()(e
(

:0P5
4,*C50*(s
,:;()(
,5
,3
5T*3,6
+,
:<
*65*,7*0P5
+,
3(
:6*0,+(+
/<f
P9)0;(
+,3
*656*040,5;6
:,
(4730Pe
5
3(:
05:;(3(*065,:
+,
05=,:;0.(f
4(5(e
(:()(
:<
-036:6-K(
:6*0(3
,5
36:
*65*,7;6:
7904(906:
+,3
46=0f
*0P5
+,
3(
3#4
2*:,2'"
x’Žy
+,
9(5*0:
(*65
;9()(1()(5
r4,9f
40,5;6
@
3(
4(;,90(e
646
,:*(9;,:b
9,*<99K(
(
36:
+,:*<)9040,5;6:
+,

*(+,9,:
+,
3(
3<Asb
*<@(
;(9,(
,9(
9,<509
r36:
30)96:
@
9,:T4,5,:
@
3(:

0330(4
(9=,@b
:0,5+6
3(
*09*<3(*0P5
+,
3(
:(5.9,
<5
r46=040,5;6
=0f
7(<;(:
+,
36:
,?7,904,5;6:s
+,
;6+6
,3
.36)6b
40,5;9(:
8<,
36:
r+,79,f
;(3sb
@
,3
*69(AP5
r<5(
70,A(
+,
4(8<05(90(
,5
3(
8<,
zeee{
<5(
9<,+(
*6f
+(+69,:s
36:
,?;9(K(5
+,
36:
30)96:
@
36:
r*64703(+69,:s
36:
*6;,1()(5
@

4<50*(
,3
46=040,5;6
(
6;9(se
3
:;(+6
56
,9(
@(
<5(
*64<50+(+
*65

*(:()(5e
:,
:<,N6
/()9K(
:0+6
0504(.05()3,
<5
:0.36
(5;,:e
<5
(34(c
,9(
<5
r/64)9,
(9;0-0*0(3s
*65
0~5
*69(AP5b
,?730*()3,
*646
<5

(
*64<50*(*0P5
+,3
*656*040,5;6
*(4)0P
*65
+0=,9:(:
0556=(f
+0:76:0;0=6
4,*C50*6e
6:
46=040,5;6:
8<,
*(<:()(5
3(:
(7(90*065,:
,5

*065,:b
(<58<,
9,3(*065(+(:
,5;9,
:Kb
,5
36:
=0(1,:b
36:
:,9=0*06:
76:;(f
36:
/<4(56:
0)(5
+,
36:
:,5;0+6:
(3
*,9,)96e
(
7,9*,7*0P5
*6.50;0=(
+,

3,:
@
3(
0479,5;(e
(:
05;,9(**065,:
4<;<(:
*9,(965
3(
05-9(,:;9<*;<9(

,336:
3(
9,*0)K(
,3
*69(AP5b
@
+,
(/K
56:
33,.()(5
3(:
:,5:(*065,:
+,
+6369

+,
3(
8<,
+,7,5+K(
,3
;9C-0*6
4,9*(5;03b
(
;9(=H:
+,
3(
*<(3
-3<K(
3(
05f
@
73(*,9
8<,
*65:;0;<K(5
3(:
-<,9A(:
46;90*,:
+,
3(
:6*0,+(+
/<4(5(e
;,30.,5*0(
+07364C;0*(
@
769
3(
8<,
:,
;9(5:40;K(5
3(:
56;0*0(:
769
;6+(

(
-(46:(
769;(+(
+,
:<
#4'2:,b
,5
3(
8<,
,3
.6),95(5;,
(7(9,*K(

<967(
@
4C:
(33Ce
(
9,7T)30*(
+,
3(:
3,;9(:
+,7,5+K(
+,
,:(
05-9(,:f
*646
04(.,5
*647<,:;(
769
;6+6:
:<:
:T)+0;6:b
3,
/()K(
:0+6
796)(f
;9<*;<9(e
:6:
*(4)06:
9,+,-050,965
36
8<,
,9(
36*(3
x,5
;H94056:
*<3;<f
)3,4,5;,
05:709(+(
769
<5
+0:76:0;0=6
P7;0*6
8<,
6)),:
/()K(
=0:;6

9(3,:yb
,?;9,4(5+6
3(
+0=0:0P5
,5;9,
36:
8<,
;,5K(5
(**,:6
(3
*656*0f
,5
(9K:
,5
3(
+H*(+(
+,
’Œe
,(5f9(5F60:
0*H965b
40,4)96
+,3

40,5;6
@
:()K(5
*P46
,473,(936b
@
36:
8<,
56e
*K9*<36
+,
,9:,55,b
/()K(
+0:,N(+6
<5(
3,5;,
7630.65(3
8<,
7,940;K(

(3,:
;,5:065,:
*<3;<9(3,:
/(5
:0+6
05;,979,;(+(:
*646
<5(
+0=0f
9,*64765,9b
(
7(9;09
+,
36:
9,;9(;6:
+,
‘
:<3;(5,:
6;64(56:b
<5(
04(f
:0P5
,5;9,
<5(
*<3;<9(
767<3(9
@
6;9(
,30;0:;(e
5
3(:
4 (3;,:
@
+,)(;,:

.,5
+,
<0:
 e
3
:;(+6
,9(
<5
*(3,0+6:*6706
+,
5<,:;9(
79670(

+,
36:
05:;9<0+6:b
,:(
+0:;(5*0(
*<3;<9(3
,?0:;K(
+,:+,
/(*K(
;0,476e
3

04(.05(*0P5e
6
8<,
4(5;,5K(
<50+6
,3
4<5+6
763K;0*6b
*646
,3
4<5f
+0()36
,?736;()(
3(
r:<7,9:;0*0P5s
+,
3(
.,5;,
0.569(5;,e
6:
047,9(f
+6
5(;<9(3
@
,3
<50=,9:6b
,9(5
3,@,:
047<,:;(:e
6+K(46:
/(*,9
+,
,33(:

;0=6:
+,
9,-694(
9,30.06:(
@
469(3
8<,
:0.<0,965
(
3(
,-694(
x@
(
3(
36
8<,
:,
56:
(5;61(9(e
 ()/ ) -.
)
*)//* 
 '
 ./-0$q)

'
-$./$)

65;9(99,-694(yb
1<5;6
(
3(:
40:065,:
,5
<3;9(4(9b
9,-69A(965
,=0f

40,5;6
8<,
76:,K(
.9(*0(:
(
3(
(7,9;<9(
+,
6;96:
x*646
36:
4(;,4C;0f
+,5;,4,5;,
3(
7,9*,7*0P5
+,
<5(
+0:;(5*0(
4(@69
,5;9,
8<0,5,:
,5f
*6:
@
4(,:;96:
*(5;,96:yb
@
8<,
8<,9K(
/659(9
,:(
+,<+(
+,
.9(;0;<+e
3

;,5+K(5
36
8<,
/()K(
8<,
*9,,9
@
*P46
*64769;(9:,b
@
(8<,336:
(
8<0,f
,?7,9;6
,5
*,9C40*(
,95(9+
(30::@
7<)30*6
:<:
'1!-301
"+'0 *#1

5,:
/()K(
8<,
,5:,NC9:,36e
(:
,?0.,5*0(:
+,
4(@69
6),+0,5*0(
(
3(

"#
*
,230#R
"#1
#36
#2$-,2',#1
x0
‘”Œy
@
*90;0*P
(
36:
(38<040:;(:
769

(<;690+(+
v ,?79,:(+(:
,5
+6*;905(:
,*3,:0C:;0*(:
8<,
,9(5
,:*90;(:b

:<
:,*9,;0:46e
1<9(+(:b
4,4690A(+(:
,
05;,90690A(+(:b
@
,5
69+,5(5A(:
4<50*07(3,:


7905*0706:
+,3
:0.36

,3
*656*040,5;6
,47,A()(
(
=,9:,
,5

@
,:;(;(3,:
*65
3(:
8<,
36:
:T)+0;6:
+,)K(5
,:;(9
-(4030(90A(+6:v

(3.<56:
C4)0;6:
*646
<5(
4,9*(5*K(e
6:
,:;<+06:6:
,9(5
4,9*(+,9,:

(<4,5;(965
;(4)0H5
3(
+0:;(5*0(
7,9*0)0+(
,5;9,
36:
05:;9<0+6:
@
36:

8<,
*64,9*0()(5
*65
/,*/6:e
6:
1,:<0;(:
+,*K(5
(
=,*,:
+,
:K
40:f
0.569(5;,:e
(
*65;9(7(9;0+(
+,3
+,)030;(40,5;6
+,
3(
*6/,:0P5
:6*0(3

46:
8<,
:,
+,+0*()(5
(
<5(
r4,9*(5*K(s
70(+6:(e
(4<,3
(9;30)b
,?0f
+<9(5;,
,:;,
7,9K6+6
-<,
<5(
*6/,:0P5
*<3;<9(3
*(+(
=,A
4,569e
30(+6
,5
65+9,:
+,:+,
-05(3,:
+,
3(
+H*(+(
+,
’ŽŒ
+,)0+6
(
3(
<,99(

3
*656*040,5;6
,9(
76+,9
@
),5,-0*06e
()K(
3K40;,:
(
:<
*09*<3(f
+,
36:
9,05;(
N6:b
8<,9K(
8<,
,3
*656*040,5;6
-<,9(
<5(
4,9*(5*K(

*0P5b
047<,:;6:
769
:<:
76:,,+69,:
x79K5*07,:b
7(;965,:b
0479,:69,:
@

7T)30*(
(3
:,9=0*06
+,
3(
r*64<50+(+
9,-694(+(se
5
30)9,96
:,9K(

30)9,96:ye
,96
36:
:<7<,:;6:
*<3;<9(3,:
:6)9,
,3
:,*9,;6
,:;()(5
*(4f
<5
r*64,9*0(5;,
7(9(
(@<+(9
(
(79,5+,9sb
8<,
+,)K(
r+(9
*<,5;(
+,
:<

)0(5+6e
6:
/<4(50:;(:
/(*K(5
7967(.(5+(
+,
:<
7(7,3
,5
r:(*(9
(
3(

*64,9*06
@
+,
:<:
),5,-0*06:
,5
H3se
967<:6
<5(
r6-0*05(
+,
+09,**06f
3<A
36
8<,
/(
,:;(+6
,5;,99(+6
,5
,3
763=6
+,
3(
(5;0.U,+(+se
6:
;,P36f
5,:s
:0.<0,5+6
,3
,1,4736
+,3
,:;()3,*040,5;6
:0403(9
*9,(+6
,5
(9K:

.6:
796;,:;(5;,:
05:0:;K(5
,5
8<,
3(
,-694(
765K(
3(
=,9+(+
+,
06:
(3

769
/H67/9(:;,
,5(<+6;b
7(9(
8<,
:09=0,9(
*646
*65+<*;6
+,3
*6f
+,:*<)0,9;6
(3
,5;9,.(9
3(
0)30(
(3
7<,)36
7(9(
8<,
3(
3,@,9(
769
:K
40:f
56*040,5;6e
46e
(9(*,3:6
+,*K(
8<,
/()K(
30),9(+6
3(
4,+0*05(
+,
36:
4H+0*6:e

3
(**,:6
(
3(
05-694(*0P5
:,
=,K(
;(4)0H5
-(*030;(+si
769
3(
7<)30f
,96
36:
40:46:
;,P36.6:
796;,:;(5;,:
,5;,5+K(5
8<,
/()K(
8<,
.<0(9

*(*0P5
+,
9,*6703(*065,:
+,
9,-,9,5*0(:b
8<,
:,
*65=09;0,965
,5
7(9;,

(3
7<,)36
:6)9,
36
8<,
3,K(
@
*P46
,5
36:
;,?;6:
)K)30*6:e
6:
;,?;6:
+,

/()0;<(3
+,
3(
=0+(
*<3;<9(3
,<967,(e
9630-,9()(5
36:
(;3(:
,
K5+0*,:

(38<040(
@
5,673(;P50*6:
,9(5
r6*<3;0:;(:sb
56
:636
7698<,
+,:*<)90,f
.,6.9C-0*6:b
+0**065(906:b
)0)306.9(-K(:
@
,5*0*367,+0(:e
6:
+,+0*(f
9(5
-<,9A(:
6*<3;(:
,5
3(
5(;<9(3,A(b
:056
;(4)0H5
7698<,
:<:
(<;69,:

+6:
(
36:
,:7,*0(30:;(:
,9(5
*(+(
=,A
4C:
+,;(33(+6:
@
T;03,:e
5;,:
+,

7,5:()(5
8<,
+,:*<)9K(5
,5,9.K(:
;(5
76+,96:(:
8<,
+,)K(5
:,9
4(5f
‘ŒŒ
/()K(
T50*(4,5;,
<5
*651<5;6
+,
;()3(:
73(5,;(90(:
x3(:
;()3(:
(3f

;,50+(:
3,16:
+,3
+640506
7T)30*6e
695,306
.9077(
,9(
9,(*06
(
7<)30f
-65:05(:y
8<,
9,.0:;9()(5
36:
46=040,5;6:
+,
36:
73(5,;(:
,5
,3
*0,36b

*(9
36:
+,;(33,:
+,
:<
4(.0(
7698<,
:<:
3,*;69,:
3,
76+K(5
(*<:(9
+,
:,9

<5(
*64703(*0P5
)(:(+(
,5
<5
7,8<,N6
5T4,96
+,
6):,9=(*065,:
+,:f
<5
)9<16e
3
*65:,16
+,3
()(;,
6/(55,:
90;/,40<:
,9(d
r,)H0:
*6f
+,
63,+6e
5
’‘Œ
/()K(
4C:
+,
<5(
+6*,5(
+,
+0-,9,5;,:
;()3(:
04f
4<50*(9
*6:(:
=<3.(9,:
(
36:
(40.6:
=<3.(9,:c
7,96
*6:(:
4C:
,3,=(+(:

79,:(:
+0:7650)3,:e
<4,96:(:
6)9(:
+,
9,-,9,5*0(
56
,:7,*0(30A(+(:

@
(9*(5(:
(
36:
(40.6:
4C:
(3;6:
@
:,*9,;6:c
+(9
/,56
(
<5
)<,@
@
(ATf
,:;()(5
+,:;05(+(:
(
6-9,*,9
(**,:6
(3
4(;,90(3
8<,
:,
:<765K(
8<,
36:

*(9
(
<5
3696se
(9(*,3:6
,5=63=K(
:<:
,5:,N(5A(:
,5
<5
3,5.<(1,
6:*<f
56;()3,:
,<967,6:
+,)K(5
;,5,9
(
:<
(3*(5*,
7(9(
:,9
*65:0+,9(+6:
05:f
96b
,5
7(9;,
7(9(
(3,1(93(:
+,
3(:
4(56:
+,
36:
4H+0*6:
,47K90*6:
@

;9<0+6:e
,
36:
4C:
+,
‘Œ
+0**065(906:
0479,:6:
,5
<967(
(5;,:
+,

*/(93(;(5,:e
’‘Œb
(3.<56:
,9(5
4656305.U,:
x,5
3(;K5
6
3,5.<(
=,95C*<3(yb
40,5f
<58<,
4<*/(
05-694(*0P5
,9(
:<:*,7;0)3,
+,
:,9
*65:0+,9(+(
:,f
;9(:
8<,
6;96:
,9(5
4<3;0305.U,:
@
6-9,*K(5
;9(+<**065,:
+,:+,
<5(
3,5f
*9,;(b
3(
5<,=(
.,5,9(*0P5
+,
-03P:6-6:
@
79(*;0*(5;,:
5(;<9(3,:
;,5K(

.<(
(
6;9(
<
6;9(:e
3
30)96
+,
9,-,9,5*0(
4C:
9,0479,:6
+,
;6+6:
,9(
,3

<5(
(*;0;<+
4C:
()0,9;(
@
,:;()(
4C:
79,+0:7<,:;(
(
*647(9;09
:<:
*6f
'!2'-,0'3+
x0
‘ŒŽy
+,
4)96.06
(3,7056b
6)9(
8<,
+06
;K;<36
(3
.Hf
56*040,5;6:
*65
36:
+,4C:e
,)(:;0(56
,9306b
/016
+,
<5
*<9;0+69
8<,

5,96e
(*0+6
*646
<5
+0**065(906
+,
3(;K5b
,5
’ŒŒ
*65;()(
@(
*65
‘Œ

:,
-694P
*646
(9;0:;(b
7<)30*P
:<:
'#2#
*' 0-1
"#
0/3'2#!230
x‘
“f

,+0*065,:e
u
‘ ‘ y
7698<,
06:
3,
/()K(
+(+6
:<
;(3,5;6
@
56
+,)K(
4(5;,5,936
r,5f
(:
)0)306.9(-K(:
@
36:
*(;C36.6:
+,
=,5;(:
7<)30*(+6:
,9(5
;(4f
;,99(+6b
6*<3;6
,5
40
1(9+K5se
(50,3,
C9)(96
1<:;0-0*()(
:<
*64,5;(906

)0H5
9,-,9,5*0(:
T;03,:
7(9(
:,.<09
,3
9(:;96
+,
7<)30*(*065,:
+,:*(;(36f
:6)9,
,3
;9(;(+6
+,
0;9<=06
+0*0,5+6
8<,
/()K(
(+8<090+6
,3
*656*Kf
.(+(:b
-(3:(:
0479,:065,:b
6)9(:
)(16
:,<+P5046
@
,+0*065,:
709(;(:e
 ()/ ) -.
)
*)//* 
 '
 ./-0$q)

'
-$./$)

6:
+0**065(906:
+,
*0;(:
6-9,*K(5
*63,**065,:
=(90(+(:
+,
-9(:,:
T;03,:

(
*65-,**0P5
+,
4(7(4<5+0:
,9(
<5
(9;,
,5
:K
40:4(e
(9;05

6
469(34,5;,
,1,473(90A(5;,:e
3
7904,9
30)96
8<,
33,=P
*646
;K;<36
,3

(3+:,,4U33,9b
<5
/<4(50:;(
05:;9<0+6
+,
9,0)<9.b
0)(
(
3(
*(),A(e

;H94056
r,5*0*367,+0(s
-<,
,3
+,
6/(55
,0590*/
3:;,+
,5
’Œe
(:

9()(1(5+6
7(9(
:<
7(;9P5b
,3
+<8<,
+,
69-,5(
,5(;6
b
=05*<3P
<5

6)9(:
+,
9,-,9,5*0(
7(9(
36:
56
,:7,*0(30:;(:
:,
*65=09;0,965
,5
<5
(9;Kf
4(7(4<5+0
0479,:6
x+,
*(:0
Ž
4,;96:
+,
365.0;<+b
,3
7904,96
,5
*<f
*<36
04769;(5;,
7(9(
0479,:69,:
@
,+0;69,:e
6
:636
;9(;()(5
+,
9,<509

)909
’Œ
.9(+6:
+,
365.0;<+
@
,5
46:;9(9
3(
3K5,(
*6:;,9(
(-90*(5(y
*65

3(
*9,*0,5;,
*(5;0+(+
+,
05-694(*0P5
,5
,3
+640506
7T)30*6
,<967,6
@

<5
.36)6
;,99C8<,6
0479,:6
@
<5(
05;96+<**0P5
(
3(
r*6:46.9(-K(se
,

+,
;6+6
,3
4<5+6b
:056
;(4)0H5
+,
9,<50936
+,
-694(
8<,
-<,9(
(**,:0f
9,-,9K(
(
<5(
*(9;(
+,3
4,9*(+,9
-369,5;056
4,90*6
,:7<*06b
,+0;(+(

)3,e
3
:<9.040,5;6
+,
+0(.9(4(:
,5
-694(
+,
;()3(
7(9(
05+0*(9
,3
*65f
@
7<)30*(+(
,5
<5(
;9(+<**0P5
(3
(3,4C5
+,
Œ‘b
,5
3(
8<,
,:;,
:,
(;90f
;,50+6
x;()3(:
+0*6;P40*(:
+,3
;076
79,-,90+6
769
36:
,+<*(+69,:
:,.<0f
)<K(
36:
+,:*<)9040,5;6:
+,
63P5
,5
,3
<,=6
<5+6e
(3+:,,4U33,9

+69,:
+,
(4<:yb
K5+0*,:
+,
7,9:65(:b
3<.(9,:
@
;,4(:b
05+0*(+69,:

36
+06
769
*0,9;6d
r(+6
8<,
4,90*<:
,:7<;0<:
/(
+,:*<)0,9;6
6;9(

4(9.05(3,:b
9,-,9,5*0(:
*9<A(+(:b
+0-,9,5;,:
;076:
+,
3,;9(
7(9(
9,:(3;(9

*<(9;(
7(9;,
z+,3
4<5+6{b
56
=,6
769
8<H
5(+0,
76+9K(
6)1,;(9
8<,
9,f
+0:;05;6:
;076:
+,
05-694(*0P5
(
7904,9(
=0:;(
@
56;(:
(
70,
+,
7C.05(

*0)(
:<
564)9,
+,
4H90*6
,3
+,:*<)90+69b
<5
/64)9,
+,
:()0+<9K(
,

6-9,*K(5
-694(:
+,
,:;9<*;<9(9
*(5;0+(+,:
4(@69,:
+,
05-694(*0P5e
05;,30.,5*0(
5(;<9(3b
;0,99(
+,
4,90*<:
6
4H90*(
@(
8<,
36:
564)9,:

+,
<967(
@
:0(
796=0,5,5
+,
4<1,9,:se
,0:
(N6:
+,:7<H:
7(9,*K(

/()H9:,36
7,5:(+6
4,169b
79,-090,5+6
33(4(9
(3
5<,=6
*65;05,5;,
r,f
99(
5*P.50;(se
,96
,9(
+,4(:0(+6
;(9+,c
,3
564)9,
/()K(
8<,+(+6





          
(+/,90+6
(3
40;6
*65;05,5;(3b
@
36:
*65;,4769C5,6:
*64,5A(965
(
,5f
;,5+,9
<967(b
+,
-694(
7(9,*0+(b
c6 4 6
,3
,:7(*06
9,79,:,5;(+6
769

(
*65-,**0P5
+,
4(7(:
,1,4730-0*()(
,3
*9,*0,5;,
/690A65;,
+,3
*656f
,33(
,5
<5
.36)6e
*040,5;6e
6:
4(7(4<5+0:
0479,:6:
:,
/0*0,965
4C:
+,;(33(+6:
@
79,f
(
9,79,:,5;(*0P5
,:7(*0(3
9,=0:(+(
+,
36:
*65;05,5;,:
8<,+P
*65f
*0:6:
(
)(:,
+,
05-694(*0P5
9,*6.0+(
769
7036;6:b
4(905,96:b
*(70;(5,:b

:630+(+(
,5
36:
4(7(4<5+0:
769
3(
:0.<0,5;,
.,5,9(*0P5
+,
*6:4P.9(f
,?7369(+69,:b
*(9;P.9(-6:
@
4(;,4C;0*6:e
(
9,79,:,5;(*0P5
,<967,(

-6:
*65*,5;9(+(
,5
,5,*0(b
,5(50(b
3(5+,:
@
(9K:b
3<.(9,:
+65+,

+,
3(
3K5,(
*6:;,9(
+,
<+(4H90*(b
769
,1,4736b
33,=P
=(90(:
.,5,9(*06f
@(
/()K(
*(9;P.9(-6:
/C)03,:
@
7(;9656:
8<,
76+K(5
-05(5*0(9
:<:
;(33,f
5,:
+,
79<,)(
@
,9969e
(:
:(3(:
+,
4(7(:
+,
3(:
465(98<K(:
769;<.<,f
9,:e
<
/()030+(+
:,
/()K(
-691(+6
+<9(5;,
+05(:;K(:
,5;,9(:e
,9/(9+

:(
@
,:7(N63(
:,
*65=09;0,965
,5
*,5;9(:
+,
9,.0:;96
7(9(
36:
+,;(33,:

,9*(;69
*63()69P
,5
,3
7904,9
.36)6
0479,:6
,5
‘
‘f’
*65
,3
.9(f
:6)9,
=0,5;6:b
*6990,5;,:
4(905(:b
796-<5+0+(+
+,3
(.<(b
(:K
*646
+0:f
)(+69
(:7(9
(5
+,9
,@+,5b
,3
4(;,4C;0*6b
:<7,9=0:69
@
*6:4P.9(f
;(5*0(:
4,+0+(:
@
+,;(33,:
*6:;,96:e
,:,
(
:<:
,:-<,9A6:
769
4(5;,5,9

-6
,.50,9
,44(
90:0<:
@
,3
+07364C;0*6
047,90(3
(?04030(5<:

,5
:,*9,;6
;(3,:
05-694(*065,:b
(*()()(
-03;9C5+6:,
(3
+640506
7T)30*6e

9(5:@3=(5<:e
(5
+,9
,@+,5
796769*065P
3(:
73(*(:
+,
*6)9,
+,
Ž

:Kb
<5(
-<,5;,
769;<.<,:(
9,=,3P
(3
*64,9*0(5;,
+,
4:;,9+(4
,f
:,.4,5;6:
c%-0#1yb
8<,
<50+(:
:6)9,
<5
.36)6
+,
..'#0
+!&>
*65:;0f
;9(:
3(5*0<:
,5
3(
+H*(+(
+,
‘•Œ
36:
*656*040,5;6:
8<,
:,
;,5K(5
+,

;<K(5
,3
(9;03<.06e
,44(
90:0<:
*669+05P
3(:
+,*0:065,:
:6)9,
3(
9,f
3(
7,5K5:<3(
4(3(@(b
-(*030;(5+6
*65
,336
3(:
,?7,+0*065,:
5,,93(5+,:(:e

79,:,5;(*0P5e
3
.36)6
9,:<3;(5;,
6-9,*K(
<5(
04(.,5
+,3
4<5+6
+,:+,

(
05-694(*0P5
.,6.9C-0*(
+,
3(
8<,
+0:765K(
3(
647(NK(
+,
3(:
5f
,3
,:7(*06
8<,
:,
*699,:765+K(
(796?04(+(4,5;,
*65
36
8<,
:,
*656*K(

+0(:
90,5;(3,:
5,,93(5+,:(
7<,+,
,:;04(9:,
769
3(
*(5;0+(+
+,
4(7(:

,5;65*,:e
33K
+65+,
56
,?0:;K(5
+(;6:b
,5
,3
.36)6
(7(9,*K(
0479,:(

+0:;90)<0+6:
769
:<
,+0;69
*(9;6.9C-0*6
+,
4:;,9+(4c
36:
5,,93(5+,f
<5(
+0:*<37(e
:,:
7<)30*()(5
4(7(:
*646
796*3(4(*0P5
+,
:<
+,9,*/6
(
3(
*09*<3(f
,9*(;69
796:0.<0P
:<
;9()(16
*65-,**065(5+6
,5
‘  
,3
4(@69

*0P5
769
3(:
=K(:
4(9K;04(:
@
(
3(
76:,:0P5
;,990;690(3e

7(9;09
+,
’ “

.36)6
0479,:6
8<,
:,
/()K(
796+<*0+6
5<5*(e
,+0*(+
1
(
0*63C:
,f

,3
*(9;P.9(-6
6-0*0(3
+,
3(
*647(NK(b
,::,3
,990;:Ab
,:;()3,*0P
<5

99,56;
+,
9(5=,33,b
4050:;96
+,
(936:
b
6-9,*K(
<5(
.,6.9(-K(
9,=0f
796;6*636
<50-694,
7(9(
36:
4(7(:
+,
3(
*647(NK(b
+,
-694(
8<,
:<:

:(+(b
:0;<(5+6
,5
,3
*65;,?;6
.36)(3
3(
04769;(5*0(
+,
36:
+,:*<)90f
+(;6:
-<,9(5
*647(9()3,:e
40,5;6:
,:7(N63,:e
(4)0H5
05*3<K(
<5(:
3K5,(:
36?6+9P40*(:
8<,

()/ ) -.
)
*)//*  #
46:;9()(5
3(
+0-,9,5*0(
,5;9,
,3
7636
569;,
7;63,4(0*6
@
,3
4(.5H;0*6e

(
.,6.9(-K(
+,
,9*(;69
33,=()(
,3
:,336
+,3
*(4)06
796+<*0+6
,5
,3

4<5+6
763K;0*6
@
9,30.06:6e
5*(9*,3(+6
,5
‘
,5
6=(05(
*646

:6:7,*/6:6
+,
r3<;,9(50:46sb
/<@P
(
<0:)<9.6b
()(5+65P
(
:<
7(f
;9656
047,90(3
@
:,
*65=09;0P
,5
,:7,*;(+69
+,
3(
*90:0:
,5
8<,
:,
/<5f
+0P
3(5+,:
,5
3(
+H*(+(
+,
‘’Œe
5
‘’’b
;9(:
/(),9
:0+6
564)9(+6

*6:4P.9(-6
+,
:<
*69;,
769
,3
+<8<,
<033,946
+,
U30*/f3,=,:f

,9.,b
*65*0)0P
3(
0+,(
+,
<5
5<,=6
:0:;,4(
+,
796@,**0P5
:6)9,
<5

73(56
+,
3(
,:-,9(
;,99,:;9,
8<,
79,:,5;(9K(
36:
4,90+0(56:
*646
9,*f
;(:
7(9(3,3(:b
36
8<,
-(*030;(9K(
3(
5(=,.(*0P5d
r ()K(
+,*0+0+6
(3
7905f
*0706
v 9,*69+()(
4C:
(+,3(5;,v
05=,:;0.(9
(
-65+6
3(:
+6:
7(9;,:

+,3
<50=,9:6b
3(
*,3,:;,
zeee{
@
3(
;,99,:;9,se
,96
,5;65*,:
=06
8<,
,:;(f
)(5
<50+(:
769
3(
/0:;690(e
(
*6:46.9(-K(
9,:<3;(5;,
=05*<3(9K(
7<,:

;0,476
@
,:7(*06b
:,9K(
<5(
*965636.K(
+,
36:
(*65;,*040,5;6:
4<5f
+0(3,:
+,:+,
3(
9,(*0P5
/(:;(
,3
79,:,5;,b
(76@(+(
,5
<5
4(7(4<5+0e

:(
&0-,-*-%'
:,
7<)30*P
,5
‘’•
1<5;6
(
<5
4(7(
4<9(3
8<,
05*69f
769()(
769
7904,9(
=,A
:<
796@,**0P5
*0305+90*(e
05
,4)(9.6b
,3
7(f
5,3
,?730*(;0=6
56
,?730*()(
*P46
36
+,)K(5
<:(9
36:
5(=,.(5;,:b
@

4,56:
(T5
*P46
36
76+K(5
9,796+<*09
36:
*(9;P.9(-6:c
/(:;(
;9,05;(

(N6:
+,:7<H:
56
,:;<=0,965
+0:7650)3,:
3(:
;()3(:
;90.6564H;90*(:
+,3

4(;,4C;0*6
+>(9+
90./;
8<,
76+K(5
,?730*(936e
(9(
,9*(;69b
56

6):;(5;,b
:<
04769;(5*0(
,9(
6;9(b
:<
:05*9650A(*0P5
+,
3(
/0:;690(

4<5+0(3
,5
<5(
*965636.K(
*<@6
*3K4(?
,9(
<5
05405,5;,
(76*(307:0:b

8<,
H3
:0;<()(
,5
‘“’b
,3
,'2'3+
!7!*'
"#!#+,-4*'1b
+H*(+(
+,
)(9),f
*/6
79,+0*/(
769
,3
796-,;(
:,(:
;9(:*(
*<(3
,3
,N69
+09K(
(
:<:
-0,f
3,:d
r60:
/016:
+,3
06:
=0=0,5;,se
(
r796@,**0P5s
+,
,9*(;69
-69f
4()(
7(9;,
+,
<5(
/0:;690(
403,5(90:;(
<50=,9:(3
*65
3(
8<,
,:;()(

9,3(*065(+6
,3
,:7(*06
,<967,6e
6:
4(7(:
4<9(3,:
:,
0)(5
/(*0,5+6
4(@69,:
(
4,+0+(
8<,
:,
9,f
*6.K(
4C:
05-694(*0P5b
7,96
;(4)0H5
9,:<3;()(5
76*6
79C*;0*6:e
(

:63<*0P5
-<,
+0=0+0936:
,5
9,.065,:
@
*64703(936:
,5
30)96:
6
*(97,;(:e

,9*(;69
7<)30*P
<5(
+,
,:(:
*63,**065,:
*65
‘
4(7(:b
8<,
33,=()(
,3

;K;<36
2*1
1'4#
-1+-%0.&'!#
#"'22'-,#1
"#
 0'!
 3,"'
#2
V

0'!2''%30
x‘”‘ye
(:
7904,9(:
/61(:
:,
*65*,5;9()(5
,5
36:
(K:,:

(16:b
9(5*0(
@
3,4(50(c
+,:7<H:
+,
:<
4<,9;,
:0.<0,965
6;9(:
7(9f
;,:
+,
<967(
,5
3(
,+0*0P5
*6473,;(
7<)30*(+(
<5
(N6
+,:7<H:
+,
:<

4<,9;,b
,5
‘•‘e
3
9,:<3;(+6
,9(
05-694(*0P5
7<9(4,5;,
,:7(*0(3e
(:

/61(:
+,+0*(+(:
(
3(5+,:
:,
),5,-0*0()(5
+,
3(
;90(5.<3(*0P5
+,
3(
9,f
.0P5
:0.<0,5+6
36:
796*,+040,5;6:
4(;,4C;0*6:
,:;()3,*0+6:
769
 '
 ./-0$q)

'
-$./$)
,44(
90:0<:
r   ‘   b
-(*030;(+6:
769
:<
;,99,56
73(56
@
3(
,?0:;,5*0(

+,
36:
*(47(5(906:
+,
3(:
0.3,:0(:e
(:
+,
3(:
:3(:
90;C50*(:
79,:,5;(f
)(5
Že‘ŒŒ
;67P5046:e
(:
/61(:
05+0=0+<(3,:
:,
76+K(5
:<:;0;<09
769

5<,=6:
.9()(+6:
*<(5+6
:,
6);,5K(
05-694(*0P5
4C:
79,*0:(e
6:
*(9f
;P.9(-6:
05:0:;K(5
*(+(
=,A
4C:
,5
3(
-0()030+(+
+,
:<:
4H;6+6:
+,
05f
=,:;0.(*0P5
@
,5
3(
7<,:;(
(3
+K(
+,
:<:
9,79,:,5;(*065,:e
5
’‘Œ
36:

(;3(:
0479,:6:
0)(5
(*647(N(+6:
769
K5+0*,:
+,
;67P5046:
@
3(
9,79,f
:,5;(*0P5
+,
3(
<)0*(*0P5
,5
<967(
6**0+,5;(3
/()K(
8<,+(+6
@(
:<:f
;(5*0(34,5;,
+6405(+(e
(
5<,=(
.,6.9(-K(
=05*<3()(
,3
,:7(*06
*65
,3
76+,9e
6:
4(7(:

+,;,9405(965
3(:
9<;(:
+,
36:
,1H9*0;6:
-9(5*,:,:
,5
:<
05=(:0P5
+,
;(f
30(
,5
,3
:0.36
?=0b
(:K
*646
9,79,:,5;()(5
3(:
-69;0-0*(*065,:
*65:;9<0f
+(:
769
5908<,

(
36
3(9.6
+,
3(
*6:;(
4,90+065(3
+,
5.3(;,99(e

0330(4
,*03b
:,*9,;(906
+,
:;(+6
+,
:(),3

@
69+
+,3
,:696b
05f
;96+<16
,5
36:
4(7(:
3(:
79670,+(+,:
+,
36:
56)3,:b
36:
047<,:;6:
8<,

3,:
*699,:765+K(5
@
36:
3K40;,:
+,
36:
.6)0,956:
36*(3,:e
;0,
H3
796)(f
)3,4,5;,
8<0,5
7967<:6
,3
564)9(40,5;6
+,
/90:;67/,9
(?;65

*646
<7,9=0:69
+,
5.3(;,99(
@
(3€:
,5
‘“e
(9,*0+6:
047,9(;0=6:

763K;0*6:
@
*64,9*0(3,:
33,=(965
(
3(
,7T)30*(
5,,93(5+,:(
@
(
3(
9(5f
*0(
)69)P50*(
(
-(=69,*,9
3(
7<)30*(*0P5
+,
4(7(:
+,
:<
,:7(*06
763K;0f
*6e
(
*(9;6.9(-K(
:,
*65=09;0P
,5
<5
05:;9<4,5;6
+,3
047,906e
06.6

0),096b
*(9;P.9(-6
+,
(936:
b
*65-,**065P
4(7(:
7(9(
3(
7904,9(

*09*<55(=,.(*0P5
+,3
.36)6e
5
‘Ž“
7<:6
(3
+K(
,3
,.0:;96
,(3
6

73(50:-,906b
,3
7904,9
4(7(
8<,
05*3<K(
03<:;9(*065,:
+,
36:
05:;9<4,5f
;6:
+,
5(=,.(*0P5e
3
(:;963()06
,:;()(
:0;<(+6
,5
,3
4(7(
,5
,3
*H(f
56
(*K-0*6
,5
<5(
3K5,(
56
4(9*(+(
8<,
*699,:765+K(
(3
4,90+0(56

”Œ
+,
365.0;<+
,:;,b
*65
<5(
+0405<;(
)(5+,9(
769;<.<,:(
(3
6,:;,
@

<5(
)(5+,9(
,:7(N63(
4<*/6
4(@69
/(*0(
,3
,:;,e
,
796*3(4()(
(:Kb

769
4,+06
+,
3(
5(=,.(*0P5
@
3(
*(9;6.9(-K(b
<5
(5;0f4,90+0(56
,8<0f
=(3,5;,
(3
8<,
,?0:;K(
(3
6;96
3(+6
+,
3(
;0,99(
:,.T5
,3
9(;(+6
+,
69f

+,:033(:
x“
+,
1<506
+,
•yb
4,+0(5;,
,3
8<,
:7(N(
@
69;<.(3
:,
+0f
=0+0,965
,3
;3C5;0*6
;9(A(5+6
<5(
3K5,(
(9)0;9(90(
(
<5
*,5;,5(9
+,

3,.<(:
(3
6,:;,
+,
3(:
A69,:e
3
+,:*<)9040,5;6
769;<.<H:
+,
3(:
0:3(:
63<*(:
6
+,
3(:
:7,*0(:

,5
 ‘  Ž
6-9,*0P
(
0),096
<5(
79<,)(
+,
3(
-<5*065(30+(+
+,
:<
(5;0f
4,90+0(56b
:0;<C5+63(:
+,5;96
+,
3(
,:-,9(
,:7(N63(e
<,
15 6
+,
36:
5,f
.6*0(+69,:
,:7(N63,:
,5
(+(16Af3=(:
8<,
,5
‘Ž
05;,5;(965b
(<5f
8<,
56
*65:0.<0,965b
9,:63=,9
3(:
9,0=05+0*(*065,:
90=(3,:
*65
9,:7,*;6

(
3(:
63<*(:
769
7(9;,
+,
:7(N(
@
69;<.(3e
(
*(9;6.9(-K(
@
3(
5(=,f
 ()/ ) -.
)
*)//* 
.(*0P5
-<,965
0.<(34,5;,
(730*(+(:
,5
3(
9,:63<*0P5
+,3
*65-30*;6
,5

‘
Ž•
*65
3(
-094(
+,3
9(;(+6
+,
(9(.6A(e
69;<.(3
7(.P

‘ŒeŒŒŒ
+<f
*(+6:
(
*(4)06
+,
<5
(*<,9+6
7(9(
<5(
3K5,(
+,
+,4(9*(*0P5
,5
,3
/,f
40:-,906
690,5;(3
8<,
,8<0=(3K(
(
“ 6
(3
,:;,
+,
3(:
63<*(:b
8<,
0),096

@
:<:
*63,.(:
46+0-0*(965
+,
46+6
8<,
8<,+(9(
1<:;6
(3
6,:;,
+,
3(

4C:
(3,1(+(
+,
3(:
8<,
36:
,:7(N63,:
,:7,9()(5
8<,
:,9K(5
:<:
:3(:
+,

3(:
:7,*0(:b
*63650A(+(:
769
:7(N(
(
7(9;09
+,
‘Ž
*65
,3
564)9,

+,
030705(:e
(
:,5:(*0P5
+,
,:7(*06
(:6*0(+(
(
3(
56*0P5
+,
<967(

-694()(
7(9;,
,5
9,(30+(+
+,
3(
796*3(4(*0P5
+,
<5
+640506
*63650(3e
3
,:7(*06
69.(50A(+6
,9(
<5
05:;9<4,5;6
+,
+640506e
3
,47,9(f
+69
(936:

0479,:065()(
(
36:
+0.5(;(906:
,?;9(51,96:
*65
4(7(:

8<,
46:;9()(5
3(
,?;,5:0P5
+,
:<:
+640506:e
(7(:
4<9(3,:
+,*69(f
)(5
;(4)0H5
3(:
:(3(:
790=(+(:
+,3
(3(AA6
,**/06
+,3
+<8<,
6:4,


+,
,+0+
,5
369,5*0(e
3
7(7(
9,.6906

69+,5P
3(
*65:;9<**0P5
+,

<5(
.(3,9K(
+,
4(7(:
+,
ŽŒ
4,;96:
+,
3(9.6
,5
,3
(;0*(56e
5
*65f
;,4769C5,6
+,:*90)K(
(3
7(7(
9,.6906
7(:,(5+6
769
(8<,3
7(:0336
@

r9,-3,?065(5+6
:6)9,
*P46
(+4050:;9(9
@
.6),95(9
4,169se
 3
-05(3

/()K(
<5
769;(3
8<,
*65;,5K(
*646
(5(469-6:0:
<5
,:7,16
8<,
46:;9(f
)(
<5(
04(.,5
+,
3(
,<*(90:;K(
9,-3,1(+(
+0:;69:065(+(4,5;,
+,:+,
,3

;,*/6b
=05*<3(5+6
(:K
,3
76+,9
.,6.9C-0*6
@
,3
:(.9(+6e

    


   

I *05*6
,:;9,33(:e
5*3<:6
,5
3(
<967(
9<9(3
76*6
76)3(+(
:,
76+K(
,5f
,:,
(
:<:
+0=0:065,:b
3(
4(:(
*65;05,5;(3
,<967,(
,9(
9,*6990+(
769

4<*/(
.,5;,b
@
56
:63(4,5;,
769
36:
.9(5+,:
56)3,:e
,:+,
3(
:,.<5+(

40;(+
+,3
:0.36
?=0
:,
/()K(5
0479,:6
0;05,9(906:
7(9(
.<0(9
(
36:
=0(1,f
96:e
5
‘
‘Ž
/(93,:
:;0,55,
7<)30*P
:<
3@
"#
*1
0321
"#
0,!'U

6
,9(
<5
=0(1,96
,?7,9;6b
7,96
:K
<5
(:;<;6
0479,:69e
<
;076.9(-K(
3,

7,940;0P
9,<509
.9(5
*(5;0+(+
+,
05-694(*0P5
+,
-694(
3,.0)3,
,5
7Cf
.05(:
4<@
7,8<,N(:b
*65
36
8<,
050*0P
<5(
;,5+,5*0(
+<9(+,9(
,5
3(:

.<K(:
+,
=0(1,:e
5
’‘Œ
:,
76+K(5
,5*65;9(9
,5
;6+(:
3(:
30)9,9K(:

+,
<967(
 #*'!'#b
2',#00'
@
#1!0'.2'-,#1U
64(
9,*0)K(
+,*,5(:
+,

403,:
+,
7,9,.9056:
*(+(
(N6e
5
*,5:6
+,
‘Ž’f‘Ž“
,5<4,9()(
Ž’’

/6:;,9K(:
,5
3(
*0<+(+b
<5(
769
*(+(
Ž
/()0;(5;,:e
6
,:
:6979,5+,5f
;,
8<,
@(
(5;,:
+,
’‘Œ
:,
/<)0,9(5
7<)30*(+6
4C:
+,
•
.<K(:
+,

=0(1,
(
64(e
(
30;,9(;<9(
+,
=0(1,:
*64)05()(
(=,5;<9(:b
*<906:0+(+,:b
,;56f
'
 ./-0$q)

'
-$./$)

.9(-K(b
05=,:;0.(*0P5
*0,5;K-0*(
@
,+<*(*0P5
469(3b
;6+6
,336
+,:+,
3(

*646+0+(+
+,
<5
:033P5
,5
*(:(e
(
9,-,90+(
(3
<,=6
<5+6
,8<0=(3K(

(
3(
*0,5*0(f-0**0P5
+,
5<,:;96:
+K(:b
@
36:
,+0;(9,:
7<)30*()(5
*63,**06f
5,:
+,
36:
*<,5;6:
+,
36:
,?7369(+69,:e
6:
;9,:
=63T4,5,:
+,
 4'%V

2'-,'
#2
4'%%'
+,
(4<:06
767<3(90A(965
36:
=0(1,:
+,
(9*6
636
@
,3

=0(1,
+,
(.(33(5,:
*65;(+6
769
5;6506
0.(-,;;(
-<,
9C70+(4,5;,

,4<3(+6e
5
5.3(;,99(
0*/(9+
+H5
7<)30*P
/0:;690(:
+,
=0(1,
69.(f
50A(+(:
,5
*<(;96
:,**065,:
x<5(
7(9(
*(+(
r905*P5s
+,3
4<5+6ye
:,

-<,
;(4)0H5
,3
7905*0706
(+67;(+6
769
0*/(9+
(23<@;
,5
:<:
0',!'V
.  *
4'%2'-,1R
0$$'/3#1
,"'1!-4#0'#1
x‘
”•ye
6:
+0(906:
+,
=0(1,:
4(+<9(965
*646
*647(N,96:
+,:,()3,:
7(9(

36:
,<967,6:
05:;9<0+6:
+,*0+0+6:
(
/(*,936:e
<*/6:
+,
,336:
-<,965

0479,:6:
(5;,:
+,
’‘Œe
/64(:
69@(;b
/016
+,
<5
*3H90.6
+,
+*64f

),
,5
64,9:,;b
7<)30*P
,5
 ’  
-072
1
03"'2'#1
r(79,:<9(+(4,5;,

+,=69(+(:s
+<9(5;,
<5
=0(1,
+,
*05*6
4,:,:
(
,5,*0(e
C:
+,
3(
40;(+

+,3
=0(1,
36
/0A6
(
70,
@b
7(9(
+,46:;9(936b
(
:<
=<,3;(
*63.P
:<:
)6;(:

,5
3(
0.3,:0(
7(9968<0(3e
<
*65;,4769C5,6
@5,:
69@:65
7<)30*P
,5

 ’  “
<5
+0(906
8<,
*<)9K(
<5(
+H*(+(
+,
=0(1,:e
:6:
+0(906:
+,
=0(1,:

:,
*65=09;0,965
,5
46+,36
7(9(
3(
30;,9(;<9(
+,
-0**0P5b
,3
,:705(A6
+,

3(
56=,3(
70*(9,:*(e
6:
(<;69,:
*64,5;()(5
36:
*(4056:b
*0<+(+,:b

76:(+(:b
*(4(:b
*640+(
@
+05,96e
(9(
65;(0.5,b
8<0,5
+0*;P
:<
+0(f
906
+,
=0(1,
(
:<
:,*9,;(906
*<(5+6
-<,
(
;(30(
(
7905*0706:
+,
3(
+H*(+(

+,
‘
”Œb
,3
;(4(N6b
*646+0+(+
@
30470,A(
+,
3(:
/6:;,9K(:
,9(
04769f
;(5;,e
(:
4,169,:
76:(+(:
,9(5
3(:
(3,4(5(:b
@
3(
+,
(+H5
6);<=6
:<:

*65;9(9
*65
*0,9;(
-(*030+(+
<5(
*(4(
7(9(
7(:(9
3(
56*/,b
(<58<,
<5

=0(1,96
(
6:*6=0(
,5
’ŒŽ
6):,9=P
*65
:6979,:(
8<,
r<56
7<,+,
9,f
*699,9
+,
Œ
(
‘Œ
203P4,;96:
:05
,5*65;9(9
50
<5(
:63(
*0<+(+
6
7<,f
)36se
69@:65
9,*64,5+()(
33,=(9
<5(
*(4(
769;C;03
,5
,3
*(99<(1,b

+0:7<,:;(
7(9(
;(3,:
,=,5;<(30+(+,:e
6:
=0(1,96:
(56;()(5
3(:
*<906:0+(+,:
+,
(*<,9+6
*65
,3
*65:,16

9,*6.0+6
,5
36:
30)96:
:6)9,
3(
r*0,5*0(
+,
36:
=0(1,:s
x01
.-"#+'!ye

(
6)9(
4C:
-(46:(
+,3
.H5,96b
796)()3,4,5;,
4C:
(3()(+(
8<,
3,K+(b

,9(
,3
7,:(+6
>2-"-
"#
4'(#
c#2&-"31
.-"#+'!b
‘““y
+,
/,6+69

>05.,9b
8<0,5
:,
/()K(
/,*/6
-(46:6
,+0;(5+6
<5
+0**065(906
+,
*0;(:

*64703(+6
769
:<
:<,.96
659(+
@*6:;/,5,:e
6:
=0(1€u
+,
:<
1<=,5f
;<+b
,?730*()(
>05.,9b
/()K(5
:0+6
<5(
7H9+0+(
+,
;0,476
7698<,
56

,:;()(
+,)0+(4,5;,
79,7(9(+6e
<
30)96
05:;9<K(
(
36:
1P=,5,:
:6)9,

*P46
6):,9=(9b
+0.,909
@
9,.0:;9(9
:0:;,4C;0*(4,5;,
36:
*656*040,5;6:
  '
 ./-0$q)

'
-$./$)
()/ ) -.
)
*)//* 

+(:
+,
<56
(
6;96
7(9(
(*65:,1(9
(
36:
56=0*06:
*P46
(.<A(9
3(
73<4(b

8<,
6);,5K(5
,5
:<:
=0(1,:e
(4<:
3,
/()K(
,5:,N(+6
,5
(9K:
(
/(*,936b

79,7(9(9
3(
;05;(
6
;9(A(9
36:
9,5.365,:b
@
*<C5+6
3,=(5;(9
3(
73<4(

769
36
8<,
:<
6)9(
,:
<5(
:<*,:0P5
+,
()<990+(:
;()3(:
8<,
,?765K(5
3(:

+,:7<H:
+,
8<H
3,;9(:e
<*/6:
+,
,:6:
*<
(+,
-
56:
+,
*(30.9(-K(
,5:,N(f
=,5;(1(:
469(3,:
@
79C*;0*(:
+,3
=0(1,b
*65
(3.<5(:
6):,9=(*065,:
T;03,:

)(5
(
,:*90)09
@
3(:
67,9(*065,:
(90;4H;0*(:
+,
<5(
;(*(+(e
6:
4(,:f
:6)9,
*P46
;64(9
56;(:e
5
’‘Œ
36:
,<967,6:
=0(1()(5
769
@
-<,9(
+,

;96:
+,
*C3*<36
;(4)0H5
7<)30*()(5
4(5<(3,:
*65
,1,4736:
,
03<:;9(f
<967(
*646
5<5*(
(5;,:b
@
9,.0:;9()(5
@
;9(5:40;K(5
:<:
,?7,90,5*0(:

*065,:
7(9(
,5:,N(9
3(:
67,9(*065,:
,3,4,5;(3,:e
6:
4(5<(3,:
+,

+,
-694(
4C:
:0:;,4C;0*(e
(90;4H;0*(
,:;()(5
(;,5;6:
(
36:
796)3,4(:
8<,
796)()3,4,5;,
:,
,5f
*65;9(9K(5
36:
+,+0*(+6:
(3
*64,9*06b
@
*64)05()(5
3(
(90;4H;0*(
4,5f
;(3
*65
36:
*C3*<36:
79C*;0*6:e
(
(90;4H;0*(
7<)30*(+(
769
,;,9
73(5

,5
‘Ž“
(7(9,*,
9,79,:,5;(+(
,5
3(
705;<9(
+,
63),05
-1
#+ ("-V
      :
   :
     
0#1R
()0,9;(
,5
<5(
7C.05(
8<,
4<,:;9(
<5(
-694(
-C*03
+,
+0=0+09
769

Žb
1<5;6
(
<5
.36)6
;,99C8<,6
8<,
+,:;(*(
,3
4,90+0(56
(*69+(+6
,5

6:
/<4(50:;(:
<;030A()(5
r,4)3,4(:s
7(9(
,5*(7:<3(9
36:
4T3;073,:

69+,:033(:e
9(
<5
9,*69+(;6906
+,
8<,
3(
4(;,4C;0*(
@
3(
3,*;<9(

:0.50-0*(+6:
,5*,99(+6:
,5
<5(
04(.,5e
3
;H94056
796=,5K(
+,3
;K;<36

*65:;0;<K(5
*64765,5;,:
04769;(5;,:
,5
;6+6:
36:
(:7,*;6:
+,
3(
=0+(e
8<,
+06
5+9,(
3*0(;6
(
<5(
,5*0*367,+0(
+,
,70.9(4(:
03<:;9(+6:
8<,

(:
79,:065,:
7(9(
(79,5+,9
(
+6405(9
3(
,:*90;<9(
@
,3
*C3*<36

7<)30*P
,5
<.:)<9.6
,5
‘
 e
<
0+,(
,9(
8<,
*(+(
,4)3,4(
79,:,5;(f
,9(5
7(9;0*<3(94,5;,
-<,9;,:
,5
3(
<967(
<9)(5(e
6:
.9,406:
+,
*(+(

9(
(3
6):,9=(+69
<5(
,:*,5(
8<,
3,
:<.090,9(
<5
4,5:(1,
:<)30405(3
6

6-0*06
,?0.K(5
(
:<:
(79,5+0*,:
3(
*(7(*0+(+
+,
,:*90)09
@
3,,9e
5
65 f
05,:7,9(+6
*65=09;0H5+6:,
+,
,:,
46+6
,5
<5
+0:76:0;0=6
45,4O50*6e

+9,:b
769
,1,4736b
,3
.9,406
+,
/,99,96:
9,8<,9K(
<s
1<9(4,5;6
-094(f
5
’Ž
,3
30)96
+,
3*0(;6
,9(
@(
<5
=63<4,5
+,
403
7C.05(:
*65
5<4,f
+6
(
:<:
(79,5+0*,:c
,3
“Ž
769
ŒŒ
:<7,9()(5
3(
79<,)(
:,.T5
,3
9,.0:f
96:6:
040;(+69,:e
6:
r,4)3,4(:s
:,
()90,965
*(4056
05:;(3C5+6:,
,5

;96
8<,
:,
*65:,9=(
+,
‘ŽŒf‘Œb
(<4,5;(5+6
/(:;(
,3
•
769
ŒŒ
,5
3(

36:
)3(:65,:
-(4030(9,:b
,?
30)90:b
,+0-0*06:b
=(1033(:
@
)69+(+6:e
<
790f
:,.<5+(
40;(+
+,3
:0.36e
3
:,.<5+6
.9<76
4(@69
+,
30)96:
7<)30*(+6:

4,9
,4)3,4(
7(9(
,9*<906b
769
,1,4736b
46:;9()(
3(
40;(+
:<7,9069

,5
:;9(:)<9.6
+<9(5;,
,3
:0.36
?=0
,9(
+,
4(5<(3,:
;H*50*6:d
;9(;(+6:

+,
<5
;69:6
4(:*<3056
+,:5<+6b
8<,
,4,9.K(
+,
<5
465;P5
+,
70,+9(:

:6)9,
3(
-()90*(*0P5
+,
;05;,:b
-633,;6:
:6)9,
4,;(3<9.0(b
30)96:
:6)9,
3(

,5
3(
05;,9:,**0P5
+,
;9,:
*(4056:b
40,5;9(:
,3
;90+,5;,
+,3
+06:
(7<5;(f
:<7,9=0:0P5
+,
;0,99(:b
,;*e
9(5
7<)30*(+6:
7(9(
(9;,:(56:
8<,
/()K(5

)(
/(*0(
,3
05;,94,+06e
3
,70.9(4(
8<,
,?730*()(
,:(
04(.,5
*65*3<K(d

(+8<090+6
(3
4,56:
<5(
(3-(),;0A(*0P5
-<5*065(3e
r6+6:
56:
,5*65;9(46:
*65
,5*9<*01(+(:0@
,99(46:
,5
3(
=0+(b
(
4,56:

,
;9(;()(
(
4,5<+6
+,
(3-(),;0A(+6:
+,
7904,9(
.,5,9(*0P5b
05f
8<,
,3
796706
+06:
56:
4<,:;9,
*<C3
,:
3(
=K(
*699,*;(se
;96:
,4)3,4(f

:(*0()3,:b
047(9()3,:
@
(
=,*,:
(;<9<33(+6:e
(5:
(*/:b
,3
#'12#01',V

;0:;(:
79,:,5;()(5
(
,9*<906
*646
,3
4,5:(1,96
(3(+6
+,
36:
+06:,:e
5

%#0
+,
3(
P7,9(
+,
(.5,9
e -1
+#120-1
!,2-0#1
"#
H0#+ #0%jR
,9(

*<(38<0,9
*(:6b
:,
*65=09;0P
,5
:K4)636
+,
3(
=,36*0+(+
@
3(
*(7(*0+(+
+,

/016
+,
<5
:(:;9,
@
:,
*65=09;0P
,5
(79,5+0A
+,
A(7(;,96e
79,5+0P
(

3,,9
@
,:*90)09e
<9(5;,
3(
+H*(+(
+,
’ŽŒ
3(
7(3()9(
r,9*<906s
,9(

3,,9
@
,:*90)09
,5
3(
,:*<,3(
3(;05(
+,
T9,4 ),9.
(5;,:
+,
*64,5A(9

:05P5046
+,
)63,;05,:
+,
56;0*0(:
4(5<:*90;6:
6
0479,:6:
,5
36:
8<,
:,

(
.(5(9:,
3(
=0+(
*646
6-0*0(3
,99()<5+6e
<(5+6
9,.9,:P
,5
 ‘  •
:,

,5*65;9()(
3(
T3;04(
05-694(*0P5e
/()K(
(-0*065(+6
(
3(
76,:K(
@
(
3(
4T:0*(
@
+,+0*()(
,3
;0,476
30)9,

3
76+,9
+,
,9*<906
+,7,5+K(
+,
3(
*(7(*0+(+
+,
3,,9
@
,:*90)09e

8<,
3,
+,1()(
:<
6-0*06
+,
A(7(;,96
(
,:*90)09e
,.T5
:<:
796706:
9,f
(
)9,*/(
,5;9,
36:
(3-(),;0A(+6:
@
36:
56
(3-(),;0A(+6:
*65:;0;<K(
3(

*<,9+6:b
,5
‘’“
/()K(
,:*90;6
eŽ“‘
*(5*065,:b
ŽŒ”
+9(4(:
@
e‘‘”

4(@69
+0=0:0P5
*<3;<9(3
,5
3(
:6*0,+(+
,<967,(
@
,3
4(@69
6):;C*<36

-C)<3(:b
+0C36.6:b
:(346:
@
*(5*065,:
+,
;(),95(e
5
3(
73(A(
+,
65f

7(9(
:<
9,-694(e
 ,
3(:
+6:
/()030+(+,:b
3(
+,
,:*90)09
,9(
3(
4C:
+0-K*03

;,9,(3,
(3*,3305(
,5
,3
569;,
+,
;(30(
/(@
<5(
*<90.:(
-<,5;,
8<,

@
+,
(79,5+0A(1,
4C:
3(9.6e
6:
4(,:;96:
+,
,:*<,3(
7,9*0)0,965
8<,
3(

4<,:;9(
<5(
9<,+(
+,
8<,:6
(
3(
8<,
3,
-(3;(
<5(
96+(1(c
,3
(.<(
4(5(

0479,5;(
6-9,*K(
3(
6769;<50+(+
+,
7<)30*(9
4(5<(3,:
+,
(<;6(79,5+0f

769
36:
(.<1,96:
+,3
8<,:6e
,*<,9+(
(
64,50*6
*(5+,33(b
*656*0f
A(1,e
3
9,:<3;(+6
-<,
<5
+03<=06
+,
4(5<(3,:
@
*<(+,956:
*65
,3
796f
+6
*646
,56**/06b
8<,
,9(
,3
46305,96
36*(3e
9(
6;96
(3-(),;0A(+6
7P:0;6
+,
,5:,N(9
(
36:
50N6:
(
,:*90)09b
*65
0+,(:
,
03<:;9(*065,:
*670(f
 ()/ ) -.
)
*)//* 
+,
7904,9(
.,5,9(*0P5b
4C:
05;,9,:(+6
,5
+,:*<)909
*6:(:
,5
36:
30f
)96:
8<,
3,K(
8<,
,5
36:
:,9465,:e
,.T5
,?730*P
(3
058<0:0+69b
+,
3(

3,*;<9(
/()K(
+,+<*0+6
8<,
,3
4<5+6
/()K(
,=63<*065(+6
r+,3
40:46

46+6
8<,
,3
8<,:6
+,
3(
3,*/,b
@
,5
H3
(7(9,*0,965
.<:(56:b
8<,
,9(5

36:
C5.,3,:b
@
,5;9,
z,336:{
,:;()(
06:se
,56**/06
-<,
1<A.(+6
769
3(

058<0:0*0P5
=,5,*0(5(b
+,*3(9(+6
*<37()3,
@
,1,*<;(+6e
<*/(
.,5;,
(79,5+K(
(
3,,9
:05
7(:(9
769
3(
,:*<,3(e
6:
(9*/0=6:

+,
36:
;90)<5(3,:
+,3
(5;6
-0*06
+,
3(
58<0:0*0P5
,:7(N63(
:<.0,9,5

8<,
4<*/(
.,5;,
(79,5+0P
(
3,,9
@
,:*90)09
769
:<
*<,5;(
6
*65
:<:
7(f
90,5;,:e
(9(
36:
9,-694(+69,:
9,30.06:6:
+,3
:0.36
?=0b
,3
/6.(9
,9(
<5(

*<5(
04769;(5;,
+,
(3-(),;0A(*0P5b
@
3(
4C:
)C:0*(
,9(
04769;(5;,
7(9(

,3
-<5*065(40,5;6
+,
3(:
*3(:,:
+,
*(;,*0:46e
5
(8<,3
(4)0,5;,
@
,5

6;96:b
3(
3,*;<9(
56
,9(
<5(
(*;0=0+(+
790=(+(b
:056
8<,
:,
(*646+()(
(

7(<;(:
+,
:6*0()030+(+
)0,5
,:;()3,*0+(:e
,
3,K(
,5
=6A
(3;(c
36:
;,?;6:

:,
9,*0;()(5e
5
3(:
;(),95(:
/()K(
=63(5;,:
0479,:6:
7,.(+6:
(
3(:
7(f
9,+,:
(
;(3
,-,*;6e
6,3
+<
(03b
5(*0+6
,5
3(
9,;(N(
9<9(3b
7<)30*P
,5

‘“
<5(
*63,**0P5
+,
*<,5;6:
@
9,3(;6:
;(3
*646
9,*69+()(
8<,
3(:

4<1,9,:
*(5;()(5
@
*65;()(5
769
3(:
56*/,:
(5;,
3(
3<4)9,e
6
8<,

7<)30*P
,9(
:636
<5(
=,9:0P5
+,
<5(
=(90,+(+
+,:0.<(3
@
;695(+0A(e
3

9,-694(+69
3<;,9(56
+,
K:,5(*/
6:;
,50.
z <:;<:
,50<:{
9,*6f
4,5+()(
,5
:<
#!-,-+'
!&0'12',
x‘Ž•y
3(
3,*;<9(
9,.<3(9
+,
3(:

:*90;<9(:
,5
;6956
(
3(
4,:(
+<9(5;,
3(:
*640+(:e
5
;,1,+69
796;,:f
;(5;,
+,
(4)9(0
,?730*()(
(5;,
36:
1<,*,:
,5
‘’’
8<,
/()K(
:0+6
r33,f
=(+6
(3
*656*040,5;6
+,3
=(5.,306
769
zeee{
40
=,*056b
8<,
;,5K(
<5(

0)30(
0479,:(
,5
@65
@
4,
,5:,NP
36:-*(346:
+,
4,4690(se
(5;6
,5

3(:
,:*<,3(:
*646
-<,9(b
,3
(79,5+0A(1,
69(3
,5;9,
*647(N,96:b
,3
(<;6f

+0+(*;0:46
@
3(
4,4690(
+,:,47,N()(5
<5
7(7,3
04769;(5;,
,5
3(
(+f
8<0:0*0P5
+,
3(
(3-(),;0A(*0P5
-<5*065(3
@
,3
*C3*<36e
6
8<,
:(),46:
:6)9,
3(:
,:*<,3(:
,3,4,5;(3,:
,:
4<@
-9(.4,5;(f
906e
#2'2#1
>!-*#1b
',)#*1!&3*#,b
 !&'
x769
3(
(90;4H;0*(
*64,9*0(3

,5
3(
8<,
:,
,:7,*0(30A()(5yb
  
x,:*90;<9(yb
,:*<,3(:
+,
.9,406:b

790=(+(:
@
4<50*07(3,:
,5:,N()(5
3(:
/()030+(+,:
)C:0*(:b
@
3(
.,5;,

+,
3(
H76*(
3(:
+0:;05.<K(
+,
3(:
,:*<,3(:
3(;05(:
+,
3(:
8<,
(
4,5<+6
:,

5<;9K(5e
6:
56;()3,:
+,
3(
*0<+(+
*65:0+,9()(5
04769;(5;,
3(
,+<*(f
*0P5
(
,:*(3(
36*(3
7(9(
,3
)0,5,:;(9
@
4,169(
+,
:<
36*(30+(+e
<(5+6

+<9(5;,
3(
+H*(+(
+,
‘’Œ
:,
3,
79,.<5;P
(
<5
-<5*065(906
36*(3
+,
3(

*0<+(+
+,
6)<9.6b
,5
,3
:<9
+,
(1650(b
*P46
76+K(
:6:;,5,9
(8<,f
33(
*0<+(+
;9,:
,:*<,3(:
=,95C*<3(:b
9,:765+0Pd
r698<,
(8<K
;,5,46:

4<*/6:
(9;,:(56:b
6-0*0(3,:
@
=05(;,96:se
5
36:
,5;6956:
<9)(56:b
3(:
 '
 ./-0$*)

'
-$./$)
7,8<,N(:
,:*<,3(:
,5:,N()(5
3(:
/()030+(+,:
)C:0*(:
(
.9(5
5T4,96

+,
4<*/(*/6:b
7,96
,5,*0(
,:
<56
+,
36:
76*6:
3<.(9,:
,5
8<,
76+,f
46:
+6*<4,5;(936e
5
‘”“
4C:
+,3
Ž’
769
36 6
+,
36:
50N6:
+,
3(
*0<f
+(+
,5;9,
’
@
‘
(N6:
(*<+K(5
(
3(
,:*<,3(b
@
4C:
+,
3(
40;(+
+,
,33(:

,9(5
,:*<,3(:
=,95C*<3(:b
56
3(;05(:e
6:
/0:;690(+69,:
:65
79<+,5;,:
(
3(
/69(
+,
05;,979,;(9
36:
;,:;0f
46506:
:6)9,
*<C5;(
.,5;,
:()K(
,:*90)09b
@
4C:
(T5
3,,9e
6
,9(5
76f
*6:
36:
+6*<4,5;6:
8<,
3(
.,5;,
-094()(b
7,96
3(
*(7(*0+(+
7(9(
-09f
4(9
*65
,3
796706
564)9,
56
,9(
<5(
:,N(3
-0()3,
+,
3(
*(7(*0+(+
7(9(

,:*90)09b
@
;6+(=K(
4,56:
+,
3(
*(7(*0+(+
+,
3,,9e
5(
-094(
56
,9(

<50=,9:(34,5;,
9,*656*0+(
*646
3(
4,169
-694(
+,
(<;,5;0*(9
<5
+6f
*<4,5;6e
5
<5.9K(b
769
,1,4736b
,9(
4C:
04769;(5;,
<5
:,336b
@(

8<,
3(:
-094(:
x@
3(
,:*90;<9(
,5
.,5,9(3y
,9(5
*65;,473(+(:
*65
:<:70f
*(*0(e
(4)0H5
/()K(
<5(
+0-,9,5*0(
56;()3,
,5;9,
8<0,5,:
-094()(5

*65
:63;<9(
@
6;96:
(
8<0,5,:
3,:
9,:<3;()(
+0-K*03
/(*,936e
6:
1<,*,:
+,

36:
;90)<5(3,:
+,
3(
058<0:0*0P5
,:7(N63(
,:;()(5
7(9;0*<3(94,5;,
05;,
f

9,:(+6:
,5
3(
*(7(*0+(+
+,
36:
:6:7,*/6:6:
+,
3,,9
@
,:*90)09b
@
36:
.9(f
+<()(5
:,.T5
,:6b
9,*656*0,5+6
8<,
/()K(
<5(
+0-,9H5*0(
,5;9,
36:
8<,

;,5K(5
T50*(4,5;,
<5(
*(7(*0+(+
)C:0*(
@
8<0,5,:
36
76+9K(5
/(*,9
+,

*6990+6e
(),
,5
;6+6
*(:6
/(*,9
+6:
.,5,9(30A(*065,:d
3(
7904,9(
,:
8<,
(

(3-(),;0A(*0P5
,9(
4C:
4(9*(+(b
,=0+,5;,4,5;,b
,5
3(:
*0<+(+,:e

4,f
+0(+6:
+,3
:0.36
?=0
4C:
+,
3(
40;(+
+,
3(
76)3(*0P5
+,
65+9,:
76+K(

796)()3,4,5;,
3,,9
@
,:*90)09
,5
*0,9;(
4,+0+(e
(:
*0<+(+,:
,<967,(:

+,
4C:
+,
ŒeŒŒŒ
/()0;(5;,:
+0-K*034,5;,
(3*(5A()(5
,:,
769*,5;(1,
(5f
;,:
+,
’ŒŒ
*<(5+6
;,5K(5
(3;6:
50=,3,:
+,
0540.9(*0P5
+,3
,5;6956
9<f
9(3e
5
3(
*0<+(+
*(:;,33(5(
+,
<,5*(
:636
,3
Ž‘
769
ŒŒ
+,
36:
/64f
)9,:
5(*0+6:
,5;9,
 ‘  
@
‘Œ
76+K(5
-094(9
*65
:<
564)9,b
(<58<,

,:,
769*,5;(1,
/()K(
(<4,5;(+6
/(:;(
,3
‘
769
ŒŒ
7(9(
3(
.,5,9(*0P5

5(*0+(
,5;9,
‘ “
@
‘•Œe
()K(
<5
=P9;0*,
+,
(3-(),;0A(*0P5
,5
3(:

*0<+(+,:
+,
3(
46+,950+(+
;,479(5(
+65+,
36:
7(9C4,;96:
*<3;<9(3,:

,:;()(5
+6405(+6:
769
56;()3,:
3(0*6:
8<,
+,;,9405()(5
3(:
7(<;(:

.,5,9(3,:
+,3
(79,5+0A(1,e
8<,336:
6(:0:
+,
(3-(),;0A(*0P5
.,5,9(3
,5

.9(5+,:
*0<+(+,:
:(370*()(5
,3
*699,+69
<9)(56
8<,
0)(
+,:+,
65f
+9,:b
7(:(5+6
769
36:
(K:,:
(16:
@
:<)0,5+6
769
,3
05b
/(:;(
3(:
*0<f
+(+,:
+,3
569;,
+,
;(30(e
j
(
:,.<5+(
,:
8<,
,:(:
*(7(*0+(+,:
:,
*65*,5;9()(5
,5
.9(5
4,+0f
+(
,5
36:
=(965,:d
+,
<5(
4<,:;9(
+,
4<1,9,:
8<,
-094(965
*65;9(;
6:

(5;,
56;(906:
,5
@65
+<9(5;,
3(:
+H*(+(:
+,
‘
’Œ
@
‘
“Œ
:636
,3
Ž”
7
69
 ()/ ) -.
)
*)//* 
) '
 ./-0$q)

'
-$./$)

066
76+K(5
/(*,936
*65
:<
564)9,
*6473,;6e
5
’Œ
:636
<5
/64)9,

+K(
:,9
,5;9,;,50+6e
3
;<;69
+,)K(
r*65+<*09s
(3
,:;<+0(5;,b
;9(:
<5
*69f
+,
*(+(
;9,:
56
,9(
*(7(A
+,
-094(9
,5
,3
9,.0:;96
+,
3(
7(9968<0(
*<(5f
;6
*<9:6
+,
.9(4C;0*(b
(
36:
796706:
;,?;6:b
r3(
-<,5;,
3K470+(se
6:

+6
:,
*(:()(
,5
4:;,9+(4b
7,96
+6:
+,
*(+(
;9,:
56=0(:
+,*305()(5

,:;<+0(5;,:
+,)K(5
3,,936:
769
:K
40:46:b
,?09(,9
7(:(1,:
+,
,336:b
76f
/(*,936e
5
<5.9K(b
/(:;(
3(:
4<1,9,:
(90:;6*9C;0*(:
;,5K(5
+0-0*<3;(f
5,93,:
x*646
(
36:
796=,9)06:y
<5
4(9*6
,4),33,*,+69b
05:*90)0936:
,0e

+,:
*65
3(
73<4(e
(
:,.<5+(
,:76:(
+,3
*65+,
 @69.@
/<9AP
,9(

(50336:
6
*67(:b
*65=,9;0936:
,5
*/0:;,:
,
05;96+<*0936:
(:K
,5
:<
796701

(5(3-(),;(
*<(5+6
:,
*(:(965
,5
‘
•Žc
+6:
(N6:
+,:7<H:
/()K(
(79,5+0+6

=0+(e
5
,:;<+0(5;,
33,.(9K(
(:K
(
*(7;(9
r,3
:0.50-0*(+6
@
-<,9A(
+,
*(+0

36
:<-0*0,5;,
7(9(
,:*90)093,
<5(:
76*(:
7(3()9(:
,5
<5(
*(9;(
40,5;9(:

/,*/6
6
0+,(
8<,
,5*<,5;9(s
@
(+8<0909K(
*65-0(5A(
7(9(
/()3(9
@
,:*90f
H3
(:,+0()(
<5
*(:;0336
;<9*6
,5
3(:
.<,99(:
;<9*6f/T5.(9(:b
+,
36
8<,
:,

)09e
,
79,-,9K(
3(
79C*;0*(
769
,5*04(
+,
36:
79,*,7;6:b
36:
4H;6+6:b

:,5;K(
4<@
*6473(*0+6d
r ()H0:
;9(A(+6
(3.<5(:
7(3()9(:
*65
=<,:;9(

769
,5*04(
+,3
*65;,50+6
,:7,*K-0*6b
@
,3
(79,5+0A(1,
69.(50A(+6
7,9

79670(
4(56b
8<,90+(b
36
8<,
4,
(.9(+(
4<*/6
zeee{
:
33,=(9H
*646

,5*04(
+,
3(
:0473,
4,4690A(*0P5e
3
9,:<3;(+6
,9(
<5(
7,9:65(
-(:*0f
79,:,5;,:
(3.<56:
(9;K*<36:
;<9*6:
4<@
-056:se
0
36:
50N6:
,<967,6:

5(5;,d
<5
69(+69
x,5
3(;K5yb
*<(30-0*(+6
7(9(
05;,979,;(9
;,?;6:b
*64,5f
(79,5+K(5
(
3,,9
@
,:*90)09b
56
,9(
4<@
796)()3,
8<,
36
/0*0,9(5
,5
,3

;(936:b
;9(+<*0936:b
/()3(9
@
,:*90)09
04796=0:(+(4,5;,e
(
,36*<,5*0(

9,.(A6
+,
:<:
4(+9,:e
x9,79,:,5;(+(
769
,9*<906
,5
76:;,9069,:
,+0*065,:
+,
36:
,4)3,4(:

+,
3*0(;0y
,9(
<5(
/()030+(+
,:,5*0(3
7(9(
3(
763K;0*(e

36:
616:
+,
3,:

79K5*07,:b
4(.0:;9(+6:
@
56;()3,:
-694(+6:
,5
,3
/<4(50:46b
,3
.,f

)0,956
+,)K(
,1,9*,9
790469+0(34,5;,
3(
7,9:<(:0P5e
b
 
   
       6:
,+<*(+69,:
/<4(50:;(:
/0*0,965
(3.6
4C:
8<,
,:)6A(9
<5
796
f

.9(4(
,+<*(;0=6d
;(4)0H5
796769*065()(5
4(;,90(3,:
+,
,5:,N(5A(e

9(:46
+,
6;;,9+(4b
,3
05;,3,*;<(3
4C:
*656*0+6
+,
:<
H76*(b
+,*K(d

05.<56
,9(
4C:
767<3(9
8<,
36:
"%'-1
@
36:
-*-/3'-1
+,
9(:46e

r5(
)<,5(
,+<*(*0P5
e -,#
*'22#0Zj
,:
36
8<,
/(*,
(
<5
/64)9,se
6

6:
7904,96:
46:;9()(5
*P46
9,:<409
<5
7(:(1,
@
*64,5;(936e
<)30f
8<,
8<,9K(
+,*09
,:
8<,
36
8<,
*65;()(
9,(34,5;,
,9(
<5(
,+<*(*0P5

*(+6
690.05(34,5;,
,5
‘ŒŒ
*65
(39,+,+69
+,
”ŒŒ
,1,4736:
@
)9,=,:

*3C:0*(e
(
-036:6-K(b
;,636.K(b
/0:;690(
@
30;,9(;<9(
+,
3(
(5;0.U,+(+b
,:f
,?730*(*065,:b
-<,
(<4,5;(5+6
,5
:<*,:0=(:
,+0*065,:
/(:;(
*65;,5,9

;<+0(+(:
,5
:<:
;,?;6:
@
3,5.<(:
690.05(3,:b
*65;,5K(5
<5
796.9(4(
05f
4C:
+,
‘eŒŒŒ
,5
,3
464,5;6
+,
3(
4<,9;,
+,
9(:46e
 3
9,:<3;(+6
,*(

;,.9(3
+,
36
8<,
:,
5,*,:0;()(
7(9(
,8<07(9
(
36:
*/0*6:
x7905*07(34,5f
<5
9,;9(;6
+,3
796*,:6
+,
(79,5+0A(1,b
69.(50A(+6
,5
:<*05;6:
*65*,5f
;,y
*65
,3
(469
769
3(
:()0+<9K(
@
3(:
=09;<+,:
+,
3(
5;0.U,+(+
*3C:0*(b

;9(+6:
+,
:()0+<9K(b
(
=,*,:
*<906:6:
@
+0=,9;0+6:e
3.<56:
+,
,336:
:6f
@
(:K
05*<3*(93,:
36:
=(369,:
*K=0*6:
@
3(
70,+(+
*90:;0(5(
7(9(
:,9=09
(3

)9,=0=,5
/6@
+K(
,5
3(
-9(:,636.K(
=,95C*<3(
x769
,1,4736d
r;(:*(0
,3

)0,5
*64T5e
,96
56
/(@
8<,
:6)9,,:;04(9
36:
36.96:
+,
36:
7,+(.6.6:

-9,56s
6
r769
,3
/<46
:,
:(),
+P5+,
,:;C
,3
-<,.6sye
6:
,:;<+0(5;,:+,

/<4(50:;(:e
<
*65:,16
:,
+090.K(
7905*07(34,5;,
/(*0(
36:
;<;69,:
790f 3(;K5
+,
(8<,33(
H76*(
,9(5
05+<*0+6:
(
*64703(9
:<:
796706:
9,:T4,f
=(+6:
+,
79K5*07,:
@
4(.0:;9(+6:b
6
3(:
,:*<,3(:
3(;05(:
7(9(
3(:
,30;,:

5,:
,5
30)96:
+,
r3<.(9,:
*64<5,:sb
)0)306;,*(:
769;C;03,:
+,
(79,5+0f
<9)(5(:e
A(1,
8<,
05-3<K(5
,5
3(
79H+0*(
+,
36:
:,9465,:
@
3(
,:*90;<9(
+,
36:+0f

3
,-,*;6
+,
36:
,+<*(+69,:
/<4(50:;(:
9,-3,1()(
:<:
(4)0*065,:e

)96:e
<,9K(5
+,:;,99(9
36:
r)C9)(96:s
4H;6+6:
<;030A(+6:
769
36:
(5;0.<6:

6:
3<.(9,:
*64<5,:
,9(5
<5(
+,
3(:
=K(:
769
3(:
8<,
36:
*65;,4f
4(,:;96:b
6):,:065(+6:
769
,5:,N(9
3(:
()<990+(:
9,.3(:
+,
3(
.9(4C;0f
769C5,6:
05*69769()(5
3(
*9,*0,5;,
*(5;0+(+
+,
05-694(*0P5
8<,
3, :

*(
@
3(
:05;(?0:
3(;05(
*65
(@<+(
+,
<5(
=(9(
+,
(),+<3e
6:
/<4(50:;(:

:(3K(
(3
7(:6e
64(9
56;(:
4(5<:*90;(:
,9(
<5(
-694(
+,
():69),9
4,5f
,?(.,9()(5
:<
05-3<,5*0(d
r6
7<,+6
:6769;(9
3(
,:;<70+,A
+,3
796-,f
;(34,5;,
,3
4(;,90(3
8<,
*65;,5K(5e
<0,5,:
*6479()(5
30)96:
,9(5

:69
4,+06
+,
.9(4C;0*(
8<,
+,:7,9+0*0(
79,*06:6:
(N6:
4(9;033,(5+6

(3,5;(+6:
(
<;030A(9
;()3(:
+,
*65;,50+6:
,
K5+0*,:
*64 1
46+,36:
7(9(

9,.3(:
,5
3(:
*(),A(:
+,
36:
50N6:sb
,:*90)K(
9(:46
,5
:<
7,8<,N6
;9(f
,:;9<*;<9(9
:<:
56;(:
769
;,4(:
@
(
;64(9
56;(:
,5
36:
4C9.,5,:
+,+6:

;(+6
:6)9,
,3
4H;6+6
+,
05:;9<**0P5
(+,*<(+6
c#
02'-,#
123"''b
 ‘   y e

30)96:e
3
5(;<9(30:;(
30::,
3+96=(5+0
:,
:,5;K(
()9<4(+6
769
3(
*(5f
<.,9K(
,5
:<
3<.(9
8<,
r,3
(79,5+0A(1,
*,5;9(+6
,5
,3
,:;<+0(5;,s
76f ;0+(+
+,
56;(:
8<,
/()K(
;64(+6
*65
36:
(N6:e
 3
,9<+0;6
0*63C:
(e
)90
 ()/ ) -.
)
*)//* 
 '
 ./-0$q)

'
-$./$)

+,
,09,:*
5<5*(
:,
3,
76+K(
=,9b
:,.T5
:<
*65;,4769C5,6
0,99,
(:f

:,
(:6*0P
3<,.6
*65
3(
/,9,1K(b
7,96
4C:
;(9+,
(7(9,*0P
0479,:6
x:0,5+6

:,5+0b
3,@,5+6
<5
30)96
:05
<5(
73<4(
,5
3(
4(56e
,09,:*
<;030A()(
3(

,3
0479,:69
=,5,*0(56
3+<:
(5<;0<:
,3
7904,96
,5
(+67;(936yb
@

;H*50*(
*64T5
+,
;64(9
56;(:
,5
/61(:
:<,3;(:
@
+,
*64,5A(9
<5(
7C.0f
,9/(9+
,9*(;69
36
<;030AP
7(9(
.9()(9
;7:
;67P5046:
,5
:<:
4(7(:e

5(
,5
)3(5*6
7(9(
*(+(
5<,=6
;,4(
+,
4(5,9(
8<,
7<+0,9(
(4730(93(

5
3(
,:*90;<9(
(
4(56
(/699()(
;0,476
7698<,
:,
76+K(5
<509
,5;9,
:K

4C:
;(9+,e
(+(
/61(
,9(
,5;65*,:
(56;(+(
*65
<5(
*(),*,9(
,
05*69f
4C:
3,;9(:e
6:
(<;P.9(-6:
+,
36:
,:;<+0(5;,:
4<,:;9(5
.,5,9(*065,:

769(+(
(
<5
9,.0:;96b
+,
46+6
8<,
7<+0,9(
,5*65;9(9
3(
56;(
9,3,=(5;,

+,
,336:
(+/,90+6:
(3
*3<)e
,5
<5(
-,*/(
-<;<9(e
3
,:-<,9A6
769
4(5;,5,9
69+,5(+(:
:<:
56;(:
,9(

<:
40,4)96:
:,
*64<50*()(5
,5;9,
:K
769
*699,:765+,5*0(e
,

:05
,4)(9.6
*65:0+,9()3,d
r65
-9,*<,5*0(
:,
8<,1()(
+,
8<,
,5
:<

*65:,9=(5
4C:
+,
eŒŒŒ
*(9;(:
(
@
+,
9(:46b
8<,
4<,:;9(5
(3.6
(:K

*(:(
56
/()K(
4C:
8<,
<5(
4(:(
*65-<:(
@
:05
+0.,909se
)909:,
*(4056

*646
<5
4(7(
+,
36:
4T3;073,:
56+6:
8<,
=05*<3()(5
(
3(
*64<50+(+

,5;9,
<5(
*(5;0+(+
05.,5;,
+,
4(;,90(3
,9(
,3
(;633(+,96
*64T5
+,
36:

/<4(50:;(
(
7905*0706:
+,3
:0.36
?=0d
?-69+b
(9K:b
4),9,:b
9C5*f

,:;<+06:6:
+,
7905*0706:
+,3
:0.36
?=5e
,5K(5
(
4(56
:05
,4)(9.6
3(

-69;b
(:03,(b
,5,*0(b
0,5(
@
9(*6=0(e
9(
<5(
,30;,
(<;6564)9(+(

(@<+(
+,
<5
4(,:;96
+,
,:*<,3(
05.3H:b
/64(:
(990:65b
(40.6
+,

+,
7,9:65(:
05:;9<0+(:b
*65
H?0;6
@
76+,96:(:b
,5;9,
3(:
8<,
/()K(
;(5;6

(4<,3
(9;30)e
<
r30)96
+,
05=,5*065,:s
+,
!U
’Œ
(*65:,1()(
;64(9

*3H90.6:
*646
3(0*6:
@
8<,
33,.()(
/(:;(
<967(
*,5;9(3
@
690,5;(3e
,9f
r9,:T4,5,:s
+,
3(
05-694(*0P5
4C:
9,3,=(5;,
,5
;09(:
+,
7(7,3
@
(
*65f
;,5,*,9
(3
*3<)
3,=(5;()(
:6:7,*/(:
,5
7(9;,
+,
3(
<967(
4,+0;,99C5,(

;05<(*0P5
(34(*,5(93(:
*646
/,*/6:
,5
36
8<,
,8<0=(3K(
(
<5
.()05,;,

+65+,
:,
/()K(
9,(-094(+6
3(
58<0:0*0P5
(
9(KA
+,
3(
,-694(
796;,:f
+,
*<906:0+(+,:d
<5
(9*/0=6b
,5
+,-050;0=(e
;(5;,b
7,96
/()K(
-694(:
+,
,3<+09
:<
/6:;030+(+e
(303,6
56
:,
,:*90)K(

3
0.<(3
8<,
36:
"%'-1b
36:
-*-/3'-1
+,
9(:46
(3*(5A(965
;(4f
+09,*;(4,5;,
*65
,73,9b
7,96
<;030A()(
(
<5
;,9*,96
*646
*699,:765f
)0H5
<5
.9(5
H?0;6e
7(9,*0,965
7904,96
,5
(:03,(
,5
‘”b
,5
<5(
46f
:(3
,5
9(.(e
(9K5
,9:,55,
(*;<P
*646
05;,94,+0(906
7(9(
6;96:

+,:;(
,+0*0P5
+,
”Œ
7C.05(:
:05
7,940:6
+,3
(<;69b
*646
<5
4(5<(3
7(9(

*65;(*;6:
,5
36:
(K:,:
(16:
,
5.3(;,99(e
646
(::,5+0
@
,09,:*b

(@<+(9
(
36:
*/0*6:
*65
:<
3(;K5
*65=,9:(*065(3e
5
4(9A6
+,
‘ŽŽ
/()K(

,9:,55,
7,5:()(
8<,
(
7905*0706:
+,3
:0.36
?=5
9(5*0(
,:;()(
0+,(3f
7(:(+6
@(
769
Œ
9,0479,:065,:
@
:,
*65=09;0P
,5
<5
(9;K*<36
0479,:*05f
4,5;,
:0;<(+(
7(9(
*65:;0;<09
<5
7<,5;,
+,
*64<50*(*0P5
,5;9,
;(30(
@

+0)3,
,5
36:
,:;(5;,:
+,
3(:
30)9,9K(:
@
3(:
30:;(:
+,
3,*;<9(
+,
36:
,:;<+0(5f
3(
<967(
:,7;,5;9065(3
796;,:;(5;,e
;,:e
5
(8<,33(
H76*(
+,
=0(1,:b
9(:46
*64,5AP
*65
+0C36.6:
8<,
,5f
6:
30)96:
0479,:6:
,9(5
(
4,5<+6
6)9(:
,:*90;(:
,5
*63()69(*0P5b
(

:,N()(5
(
:<:
,:;<+0(5;,:
(
79(*;0*(9
:<:
:(3<+6:
@
+,:7,+0+(:b
+,:+,

*<@(
796+<**0P5
*65;90)<K(
<5(
;,3,.9(-K(
05=0:0)3,
+,
*699,:765:(3,:

36:
,?8<0:0;(4,5;,
,+<*(+6:
xr(3<+6:b
.00
05*647(9()3,
7(;9P5sy
(
36:

@
*09*<3(*0P5
4(5<:*90;(e
(
-1+-%0$@
+,
,)(:;0(5
U5:;,9b
769

;,5;(+69(4,5;,
9<+6:
xr(3<+6:b
76A6
:05
-65+6
@
+,=69(+69
+,
7(:;,f
,1,4736b
/()9K(
:0+6
0476:0)3,
+,
*65-,**065(9
:05
:<:
*63()69(+69,:e


3,:syb
*65
3,**065,:
+,
*0=0:46
xr(3<+(9
(
(3.<0,5
8<,
,9<*;(
6
:,
;09(

;9(=H:
+,
,(;<:
/,5(5<:b
9(:46
:,
4(5;,5K(
(3
+K(
+,
36
8<,
:<*,+K(

<5
7,+6
,:
33,=(9
3(
*69;,:K(
+,4(:0(+6
3,16:sye
9(:46
;6*P
*(+(
9,.0:f
,5
3(
,5(50(
*,5;9(3e
<
(40.6
@
*699,:765:(3
<033(<4,
<+H
v
r3(

;96
+,
3(
*64<50*(*0P5d
,:*90;(b
/()3(+(b
.,:;<(3b
0473K*0;(b
4<+(e
(:

4(9(=033(
+,
9(5*0(s
36
33(4()(
9(:46v
3,
*65;()(
;6+6
36
8<,
:()K(

)964(:b
3(
0965K(
@
36:
1<,.6:
+,
7(3()9(:b
(
4,5<+6
(
,?7,5:(:
+,
:<:

:6)9,
:<:
(40.6:
,5
3(
*69;,
@
3(
*(70;(3
-9(5*,:(e
(
*9,(*0P5
+,
<5
7Tf
*9K;0*6:b
9,*69+()(5
(3
3,*;69
(;,5;6
8<,
*(:0
*<(38<0,9
7(3()9(
6
-9(:,

)30*6
*647964,;0+6
,
05:;9<0+6
,9(
;(5
04769;(5;,
7(9(
3(
(5;0*07(*0P5

76+K(
*65;,5,9
<5(
:6979,:(e
6:
-*-/3'-1
,:;()(5
3,16:
+,
:,9
<5
:04f
+,3
*(4)06
,5
@
,5
;6956
(
3(
,-694(
*646
3(
79,5:(
0479,:(e
(3
*3<)

73,
4(5<(3
,+<*(;0=6c
,9(5
<5(
05=0;(*0P5
(
,5;9(9
,5
<5
4<5+6
4C:

:<:*0;()(
9,:,5;040,5;6
,5;9,
36:
8<,
(/69(
*9,K(5
8<,
56
7,9;,5,*K(5
6

(47306
+,
*656*040,5;6
*0=030A(+6b
<5(
r9,7T)30*(
+,
3(:
3,;9(:se
8<,
/()K(5
:0+6
,?*3<0+6:
6
:,
:,5;K(5
(4,5(A(+6:
769
36
8<,
(:,.<9()(

:;(
,?79,:0P5
c0#1
.3 *'!
*'2#00'y
,9(
<;030A(+(
769
9(:46
(3<f
9,79,:,5;(9e
+,4C:
+,
*9,(9
+0=0:065,:
763K;0*(:b
3(
,-694(
796;,:f
+0,5+6
(
<5
*3<)
04(.05(906
+,
/<4(50:;(:b
*<@(
*',%3
$0,!
:,9K(
,3

;(5;,
+,:*647<:6
,5
7(9;,
,:(
9,7T)30*(
05=0:0)3,b
*<@(€9(+<(3
9,*64f
3(;K5
@
(
3(
8<,
:,
76+9K(
+,46:;9(9
8<,
:,
7,9;,5,*K(
,:*90)0,5+6
,5

76:0*0P5
+<9(5;,
3(
7904,9(
40;(+
+,3
:0.36
?=5
-<,
<5(
+,
3(:
4<*/(:

*<9:0=(
,5
3<.(9
+,
3(
/()0;<(3
3,;9(
964(5(
=,9;0*(3e
:,
;076
+,
,:*90f
:,N(3,:
+,
8<,
<967(
,:;()(
,5*65;9(5+6
3(:
=K(:
@
3(
3,5.<(
7(9(
:<f
;<9(
+,:7,9;P
050*0(34,5;,
3(:
)<93(:
*646
<5(
56=,+(+
+,
4(3
.<:;6
@
7,9(9
:<:
90=(30+(+,:
9,30.06:(:e
 ()/ ) -.
)
*)//* 
 '
 ./-0$q)

'
-$./$)

,5;96
+,
3(
9,7T)30*(
+,
3(:
3,;9(:
/()K(
<5(
,=6*(*0P5
+,
3(:
=09f
36:
<..,9
76+K(
=63=,9:,
=,9+,b
,3
*6369
+,
36:
*(47,:056:
05:<9.,5f
;<+,:
469(3,:
@
*0=03,:
+,
3(
(40:;(+e
5
:<
7,8<,N6
4(5<(3
+,
,5:,f
;,:e
(4)0H5
(7(9,*,
,5
<5
;6)6.C5
,5
05=0,956
@
=0:;0,5+6
<5
-,:;0=6

N(5A(b
,3
40:46
9(:46
<;030AP
*646
,1,4736
3(
:,.<5+(
H.36.(
+,

;9(1,
9616
@
(4(90336
7(9(
3(
)6+(
+,
:<
7(;9P5b
5;P5
<..,9b
,5
‘
Ž“e

09.0306b
8<,
;9(;()(
+,
3(
(40:;(+
,5;9,
0.<(3,:b
,5
3(
8<,
r*<(5;6
4C:

6+9K(46:
*65:0+,9(936
*646
,3
,8<0=(3,5;,
(
<5
C3)<4
7,9:65(3
+,

-<,9;,:
@
5<4,96:6:
:65
36:
3(A6:
+,
.<:;6
,
05;,9H:b
4C:
+<9(+,96
,:
,3

-6;6:
+,3
:0.36
?=0b
4<,:;9(
+,
<5(
5<,=(
r05+0=0+<(30+(+se
,96
,5

=K5*<36se
5;9,
7(9H5;,:0:b
9(:46
79,:,5;()(
:<
04(.,5
+,
3(
(40:;(+

1<506
+,
9
‘Ž’b
4,:,:
(5;,:
+,
:<
+,*046;,9*,9
*<473,(N6:b
+6:
4050(f
,5;9,
.,5;,
+,
6705065,:
@
:,5;040,5;6:
7(9,*0+6:d
r,
9,-0,96
(
3(

;<9(:
56:
4<,:;9(5
(
*/>(9;A
+,:5<+6e
5
(8<,33(
H76*(
5(+0,
7,5:(f
(40:;(+
-9(5*(b
()0,9;(
@
7,9+<9()3,
8<,
,:
3(
T50*(
8<,
4,9,*,
,:,

)(
8<,
:,
7<+0,9(
(7(9,*,9
+,
6;96
46+6
(5;,
06:
,3
+K(
+,3
<0*06

564)9,se
(
*699,:765+,5*0(
+,
9(:46
,1,4730-0*()(
,:,
0+,(3b
(<5f
05(3e
5
9,(30+(+b
,3
30)96
+,
*/>(9;A
,:
<5
05-694,
:6)9,
:<
=0+(
,5

8<,
-<,9(
<5
(9;03<.06
)(:(+6
,5
*65=,5*065,:
*0*,9650(5(:e
;96
H?0f
,:;,
4<5+6
;(3
*646
36
=,K(5
36:
+,4C:b
,:;6
,:b
=,:;0+6e
<
*65*0,5*0(

;6
9,+65+6
+,
9(:46b
:6)9,
3(
9,+(**0P5
+,
*(9;(:
g#
!-,1!0' #,"'1

+,
:K
40:46
,:;C
(+695(+(
769
3(
46+(e
,96
:<
+,:5<+,A
56
,9(
<5(

#.'12-*'1b
‘ŽŽyb
,:;()3,*K(
36:
7905*0706:
:6)9,
*P46
9,+(*;(9
@
,:*90)09

4<,:;9(
+,
5(+(b
:056
4C:
)0,5
<5
9,*656*040,5;6
+,
8<,
;,5+9K(
8<,

<5(
)<,5(
40:0=(e
5;,:
+,
‘
‘Œ
/()K(
(3*(5A(+6
@(
‘
‘
,+0*065,:e
3

+(9
*<,5;(
+,
:<:
(*;6:
,5
6;96
4<5+6b
+65+,
3(
967(
@
3(
*65*0,5*0(
+,

05;,9*(4)06
+,
*(9;(:
3,
(*647(N()(
,3
+,
6)1,;6:e
05;<9(:b
465,+(:b

<56
40:46
56
*65;()(e
6:
/<4(50:;(:
46+0-0*(965
3(
7,9*,7*0P5
,<f
*<906:0+(+,:b
4(5<:*90;6:
v ;6+6:
36:
)0,5,:
4<5+(56:
=(369(+6:
+<f
967,(
+,
:<
3<.(9
,5
,3
4<5+6b
7,96
,:6
56
:0.50-0*()(
8<,
/<)0,9(5

9(5;,
,3
,5(*040,5;6v
:,
*65=09;0,965
,5
6)1,;6:
+,
05;,9*(4)06b

33,.(+6
@(
(3
05+0=0+<(30:46
46+,956e
;9(5:-694C5+6:,b
4C:
(33C
+,
:<
=(369
4,9*(5;03b
,5
:K4)636:
+,
=(36f
9,:
,
0+,(3,:
*647(9;0+6:e
,
*65:,9=(5
+6:
9,;9(;6:
(3
P3,6
+,
(;;/C<:
*/>(9;Ab
*65;()3,

1,-,
+,
3(
*(:(
+,
36:
<..,9
,5
<.:)<9.6e
3
7904,96b
705;(+6
,5
-,f
 
      
)9,96
+,
‘Ž’
769
(5:
(3,9b
79,:,5;(
(3
16=,5
+,
Ž•
(N6:
*65
<5

:64)9,96
,3,.(5;,b
<5
;9(1,
+,
(940N6
5,.96
@
9(:.<,(5+6
<5
3(T+e
5

<9(5;,
,3
:0.36
?=0
3
3(
7904,9(
40;(+
+,3

3(:
*(9;(:
-694()(5

,3
+,
‘Žb
705;(+6
769
/90:;67/
4),9.,9b
@(
;,5K(
‘
(N6:
@
/()K(

7(9;,
+,3
*69(AP5
+05C40*6
+,
<967(e
(:
7(;,5;,:
9,(3,:
,9(5
36:
05:f
.(5(+6
7,:6e
5;,
H3
/(@
<5(
*67(
+,
=056
;05;6
x<5(
9,-,9,5*0(
(
36:

;9<4,5;6:
79,-,90+6:
+,3
:;(+6e
(:
*(9;(:
+,
564)9(40,5;6
3,
+()(5

69K.,5,:
4,9*(5;03,:
+,
:<
-(4030(
,5
(0
*64,9*06
*65
,:,
(9;K*<36y
@

(
<56
<5
6-0*06
,5
H3b
6
<5
7<,:;6
9,4<5,9(+6
,5
3(
.3,:0(b
(:K
*646

<:
90*(:
967(:
+,:;(*(5
:6)9,
<5(
705;<9(
9,5(*,5;0:;(
(
:<
,:7(3+(e

3(:
*(9;(:
+,
*640:0P5
3,
+()(5
76+,9
7(9(
.6),95(9
<5(
796=05*0(
6

*/>(9;A
;0,5,
<5
(:7,*;6
/<4(50:;(b
7,96
:<:
05;,9,:,:
7(9,*,5
,:;(9

<5(
*63650(e
(:
)<3(:
+,
05+<3.,5*0(
796769*065()(5
56;(:
79640:6f
,5
36:
(:7,*;6:
79C*;0*6:
+,
3(
=0+(
4C:
8<,
,5
36
8<,
3(
.,5;,
7<+0,9(

90(:
+,
7,9+P5
+,
36:
7,*(+6:
x/(:;(
8<,
36:
796;,:;(5;,:
3(:
*65:0+,9(f
,:;(9
7,5:(5+6
6
3,@,5+6e

7(9;09
+,
 ‘ •
4(5;<=6
<5
=63<4056:6

965
-9(<+<3,5;(:ye
(*0(
‘
ŽŒ
:,
0)(5
/(*0,5+6
*6990,5;,:
,5
3(:
*69;,:

+0(906
4(5<:*90;6b
;0;<3(+6
 *
!301-
"#*
+3,"-
g #0
#*2
*3$dR
+,3
8<,

+,
<967(
6**0+,5;(3
36:
+07364C;0*6:
9,:0+,5;,:
3
36:
+,:7(*/6:
9,f
36
T50*6
8<,
:,
/(
*65:,9=(+6
,:
:<
(7H5+0*,
 *
*' 0-
"#
*
0-.b
<5(

.<3(9,:
8<,
36:
(*647(N()(5b
*670(5+6
,3
,1,4736
+,
36:
7905*07(+6:

*63,**0P5
+,
 “
9,;9(;6:
,5
4050(;<9(
+,
*/>(9;A
*65
3(
=,:;04,5;(

+,3
569;,
+,
;(30(
x03C5b
3
3<,.6
369,5*0(
3
,5,*0(ye
3
9,@
9(5*0:f
8<,
<:()(e
,*699,
30;,9(34,5;,
+,:+,
3(
*<5(
/(:;(
3(
;<4)(b
=0H5+6:,

*6

/,9,+P
,3
;9656
+,
9(5*0(
,5
‘  ‘
*65
<5
T50*6
,4)(1(+69
9,:0f
r 
:<
7904,9(
04(.,5
,5=<,3;6
,5
4(5;033(:
@
,5
3(
T3;04(
,5
,3
-<5,9(3

+,5;,b
7,96
(
:<
4<,9;,
,5
?
-
“
9(5*0(
;,5K(
@(
+0,A
9,7(9;0+6:
769

+,
5;P5
<..,9
,5
‘’Œe
,
3,
=,
,5
:<
<50-694,
,:*63(9b
(3
:(309
+,
3(

<967(
(
-05
+,
*65;9(99,:;(9
3(
:6-0:;0*(*0P5
+07364C;0*(
+,
:<:
90=(3,:

,:*<,3(
x)(03(5+6
:6)9,
:<:
;,?;6:
,:*63(9,:y
@
*65
:<
(;<,5+6
*646

():)<9.6e
3
,?7(5+09:,
3(:
9,+,:
*64,9*0(3,:
,<96.7(:b
3(:
.9(5+,:

*64,9*0(5;,
=0(1,96e
5
6;6N6
+,
‘
Ž
‘
:,
56:
4<,:;9(
*65
<5(
*/(8<,f
-094(:
4,9*(5;03,:
/(*K(5
4<*/6
4(@69
<:6
+,
3(:
(.,5*0(:
*640:06f
;(
9,=,9:0)3,b
961(
)9033(5;,
769
-<,9(
@
=,9+,
769
+,5;96b
+,
-694(
8<,

5(+(:
7(9(
67,9(9
(
+0:;(5*0(b
:0,5+6
3(:
*(9;(:
,3
4,+06
*65
,3
8<,
9,(f
<(5+6
=0(1()(
769
,3
0963
(*647(N(5+6
*(9.(4,5;6:
+,
73(;(
7(9(
30A()(5
,:(:
67,9(*065,:e
5
,5,*0(
33,.()(5
(3
0(3;6
x,3
*69(AP5
 ()/ ) -.
)
*)//* 
 '
 ./-0$q)

'
-$./$)

4,9*(5;03
+,
3(
*0<+(+
@
<56
+,
36:
*,5;96:
5,9=06:6:
+,
*64<50*(*06f
)63:(
+,
4),9,:
+0:765K(
+,
<5
/69(906
+,
*699,6:e

7(9;09
+,
‘‘”

5,:
+,3
*65;05,5;,y
*(9;(:
*65
56;0*0(:
+,
;6+(
<967(c
3(:
56;0*0(:
,9(5
,3
)(58<,96
0;(30(56
,?7(;90(+6
96:7,96
96=(5(
+090.K(
<5
:,9=0*06

76+,9b
7,96
56
:636
,5
4(56:
+,
36:
8<,
*65=,5*065(34,5;,
:,
*65:0f
76:;(3
7(9(
,3
9,@
,.0:4<5+6

<.<:;6
+H
63650(
8<,
:(3K(
+,
9(f
+,9()(5
76+,96:6:e
*6=0(
36:
+6405.6:b
33,.()(
(
0,5(
36:
40H9*63,:b
@
(
,5,*0(
,3
4(9f
3
,5=K6
+,
<5
*699,6
,?;9(69+05(906
56
,9(
(3.6
5<,=6e
(:
<50f
;,:
:0.<0,5;,e

7905*0706:
+,3
:0.36
?=5
<5(
9,+
76:;(3
<5K(
3(:
7905*0f
=,9:0+(+,:
4,+0,=(3,:
/()K(5
69.(50A(+6
:,9=0*06:
76:;(3,:
796706:b

7(3,:
*0<+(+,:
+,3
569;,
+,
36:
(K:,:
(16:e
&#
00'#01
-1+-%0.&'#

+,
46+6
8<,
36:
,:;<+0(5;,:
7<+0,9(5
4(5;,5,9:,
,5
9,3(*0P5
*65
:<:

x’“yb+,
6/5
(@369b
9,79,:,5;()(
3(:
9<;(:
76:;(3,:
,5;9,
3(:
*0<+(f
-(4030(:
@
9,*0)09
+05,96
@
796=0:065,:e
6
8<,
*(4)0P
(/69(
-<,965

+,:
*65+(3,:
05.3,:(:
@
;(4)0H5
,?730*()(
8<H
:,9=0*06:
76:;(3,:
:(3K(5

36:
*()(336:
+,
9,3,=6
x76:;(:yb
69.(50A(+6:
769
36:
.6)0,956:
7,96

+,
8<H
;(),95(:
@
8<H
+K(:
+,
3(
:,4(5(e
+0:7650)3,:
7(9(
;6+6:
7(.(5+6
<5(
;(:(
x@
(
+0:*9,*0P5
+,
36:
*6f
(:
9,+,:
76:;(3,:
:636
33,.()(5
(
3(:
7905*07(3,:
*0<+(+,:e
9(5

99,6:ye
(:
:,N(:
+,
3(:
*(9;(:
05+0*(5
36
(4730(4,5;,
8<,
:,
<:()(
,:,

*(9(:
@
36:
,5=K6:
,5;65*,:b
*646
(/69(b
76+K(5
7,9+,9:,e
,96
36:

:,9=0*06b
(
4,5<+6
*65
4,5:(1,:
,?73K*0;6:
(3
769;(+69d
r*65
3(
=,36*0f
*65;,4769C5,6:
(*,7;()(5
*65
7(*0,5*0(
3(:
,=,5;<(3,:
463,:;0(:e


+(+
+,
<5
7C1(96sc
r+K(
@
56*/,sb
r(
;6+(
790:(sb
^,-,
!#*#C2#0
1#"$3 *V

*<(5+6
:,
,?(405(
*P46
:,
+0-<5+K(5
769
<967(
3(:
56;0*0(:
,
05-69f
+',,2'11'+#_
z56
9C70+6b
:056
054,+0(;6{e
9(5A
=65
(?0:b
,3
1,-,

4,:
:6)9,
36:
7905*07(3,:
(*65;,*040,5;6:b
,:
,3
=63<4,5
@
3(:
*65;9(f
4C?046
+,3
:,9=0*06
+,
*699,6:
+,
,307,
+,
69.6N(
,5
,3
047,906

+0**065,:
36
8<,
3,:
-9<:;9()(b
56
3(
3,5;0;<+
*65
8<,
3,:
33,.()(5e
(

():)<9.6b
56:
+,1P
*646
/,9,5*0(
3(
7(3()9(
r;(?0se
5
9,;9(;6
+,

<967(
05:;9<0+(
33,.P
(:K
(
+,7,5+,9
+,
3(
*64<50*(*0P5
(
+0:;(5*0(b

(?0:
+,
(39,+,+69
+,
 ‘  
56:
36
4<,:;9(
*65
36:
:K4)636:
+,
:<
6-0f
@
56
:636
,5
3(
4(:(
*65;05,5;(3
,<967,(e
3
;9C-0*6
*64,9*0(3
/(*0(
@

*06d
<5
)<AP5
9,4(;(+6
,5
73(;(b
<5(
73<4(b
<5(
*(9;(b
<5
(50336
+,

+,:+,
3(
4H90*(
*63650(3
@
3(:
5+0(:
90,5;(3,:
-(*030;()(
3(
05*6976f
:,336
@
<5(:
465,+(:
+,
696e
 3
*65;9(;6
-094(+6
769
9(5A
@
:<
:6)90f
9(*0P5
+,
05-694,:
@
;,?;6:
+,
<3;9(4(9
(
3(
*09*<3(*0P5
+64H:;0*(e


56
6/(55
(7;0:;,
=65
(?0:
*65
(936:b
/016
+,
,307,b
,3
Ž
+,
56f
36:
40:065,96:
1,:<0;(:
:,
3,:
(3,5;()(
(
796769*065(9
05-694(*0P5
:6f
=0,4)9,
+,

-
’b
.(9(5;0A()(
<5
:,9=0*06
9,.<3(9
+,
r76:;(:
69+05(f
)9,
3(
/0:;690(
5(;<9(3
@
3(:
*<906:0+(+,:
+,
36:
:0;06:
8<,
0)(5
*656f
90(:s
+,:+,
9<:,3(:
(
;6+6:
36:
905*65,:
+,3
047,906e
3
;0,476
+,

*0,5+6e
<:
*63,.06:
-<,9(
+,
<967(
x 04(b
6(b
(*(6y
,9(5b
*646

;9(@,*;6
,:;07<3(+6
,5
,3
*65;9(;6
56
4,169P
:<:;(5*0(34,5;,
/(:;(
-0f
:<:
/64P36.6:
,5
<967(b
56+6:
+,
*09*<3(*0P5
+,3
*656*040,5;6e
3

5(3,:
+,3
:0.36
?=090e
*63,.06
+,
(5
()36
,5
04(b
769
,1,4736
,5:,N()(
(
36:
40:065,96:b

3

+,
1<506
+,
‘ŽŒb
+6:
:,4(5(:
K-0;,:
+,
:<
,3,**0P5
*646
(f
,3()69()(
@
7<)30*()(
.9(4C;0*(:
+,
3(:
3,5.<(:
05+0(:
36*(3,:b
;,5K(

*96
47,9(+69
64(56b
(936:
.(9(5;0AP
(
6/(55
(7;0:;,
=65
(?0:

<5(
+,
3(:
4(@69,:
)0)306;,*(:
+,
<+(4H90*(
@
:<
-(94(*0(
:,
*65=09f
,3
+,9,*/6
,?*3<:0=6
7(9(
564)9(9
@
+,:;0;<09
(
36:
1,-,:
+,
*699,6:
,5

;0P
,5
<5
-(46:6
*,5;96
+,
73(5;(:
4,+0*05(3,:
05+K.,5(:e
<9(5;,
,3

:<:
;0,99(:
@
3,
6;69.P
,3
;K;<36
+,
r.,5,9(3
1,-,
+,
*699,6:se
,:+,
,5f
:0.36

36:
1,:<0;(:
,5=0()(5
9,.<3(94,5;,
*(9.(4,5;6:
+,
4,+0*(f
;65*,:
3(:
56;0*0(:
=0(1()(5
9C70+(4,5;,
769
,3
047,906e
3
7904,9
05f
4,5;6:
@
*6:(:
05<:0;(+(:
(
<967(
@
:<:
05-694,:
(7(9,*K(5
*646

-694,
+,
3(
9,=63<*0P5
(5()(7;0:;(
,5
U5:;,9
33,.P
+,
4(56:
+,
:<

(5<(906:b
7<)30*(+6:
+,:+,
(39,+,+69
+,
‘
‘Œe
6)0:76b
,5=0(+6
(
694:
@
3<,.6
+0:;90)<0+6
769
3(
9,+
+,
(?0:e
(

05,:7,9(+(
9,<50P5
,5;9,
,3
7(7(
3,4,5;,

@
(936:

,5
63650(

,5
-,)9,96
+,
‘Œ
:,
*656*0P
,5
4),9,:
<5(
:,4(5(
+,:7<H:
769
,3

40:46
796*,+040,5;6e

7905*0706:
+,3
:0.36
?=0
,3
,-02#
+,
;(30(
,:;(f

 
   

      
)(
*<)0,9;6
769
<5
9C70+6
:0:;,4(
76:;(3e
5
‘’”
/()K(
*05*6
1,-,:
+,

*699,6:
9,:0+,5;,:
,5
64(
x36:
+,
36:
9,@,:
+,
:7(N(
@
9(5*0(
@
3(:

(
0479,5;(
-<,
:(3<+(+(
*646
<5
(*65;,*040,5;6
8€,
*(4)0()(
,3

9,7T)30*(:
+,
H56=(
@
,5,*0(b
(:K
*646
,3
+,3
796706
(7(yb
@
+,:+,

4<5+6e
<;,96
3(
*(30-0*Pb
*646
,:
:()0+6b
*646
r,3
4(@69
@
4C:
,?f
(33K
7(9;K(5
*(9;(:
@
7(8<,;,:
(3
4,56:
<5(
=,A
(
3(
:,4(5(
(
,5,*0(b

;9,46
(*;6
+,
.9(*0(
769
7(9;,
+,
06:b
.9(*0(:
(3
*<(3
796:7,9(
3(
+0-<f
03C5b
H56=(b
C763,:
@
@65
x7(9(
9(5*0(
@
36:
(K:,:
(16:
ye
(
:0P5
+,3
=(5.,306sb
@
*646
:,N(3
(5<5*0(+69(
+,3
05405,5;,
403,506d
 ()/ ) -.
)
*)//* 
r3(
T3;04(
33(4(
(5;,:
+,
3(
,?;05*0P5
+,3
4<5+6se
69
:<
=(369
(7(9,5f
;,b
;(3,:
6):,9=(*065,:
9,-<,9A(5
3(
0479,:0P5
+,
8<,
,5;9,
 ‘ Œ Œ “  ’ ‘ Œ

/<)6
<5(
r9,=63<*0P5
+,
3(
0479,5;(se
5
9,(30+(+b
:05
,4)(9.6b
3(
:0f
;<(*0P5
,9(
)(:;(5;,
4C:
*64730*(+(e
(:
;,*5636.K(:
@(
(99(0.(+(:
+,

r7<)30*(*0P5
,:*90;(s
x4,+0(5;,
3(
*670(
4T3;073,b
(
4,5<+6
:,3,*;0=(b

+,
4(;,90(3,:
*65
=0:;(:
(
<5(
+0:;90)<*0P5
3040;(+(y
:,.<K(5
*65:;0;<f
@,5+6
<5
4,+06
*65=,50,5;,
7(9(
3(
*09*<3(*0P5
+,
0+,(:
,5
3(
9,7T)30*(

+,
3(:
3,;9(:
,<967,(:b
-C*034,5;,
(+(7;(+(
(
:<:
4,+06:
+,
(79,5+0A(1,b

9,3(;0=(4,5;,
(
:(3=6
+,
3(
*,5:<9(
@
8<,
9,8<,9K(
76*(
05=,9:0P5
+,

*(70;(3e
,96
3(
76:0)030+(+
+,
<5(
9,796+<**0P5
;,?;<(3
79,*0:(
,5
.9(5f
+,:
*(5;0+(+,:
56
,9(
<5
*(4)06
(56+056b
,:7,*0(34,5;,
*<(5+6
,:;()(

=05*<3(+6
(3
(+=,5040,5;6
+,
3(
*<3;<9(
0479,:(b
,:;6
,:b
(
3(
,?0:;,5*0(

+,
,479,:(906:
0479,:69,:b
,+0;69,:b
30)9,96:b
9,+,:
+,
+0:;90)<*0P5
@

<5
7T)30*6
(+,7;6
(
3(
3,*;<9(e
(
*<3;<9(
0479,:(
-<,
,3
.9(5
36.96
+,

(8<,3
7,9K6+6e
5
’‘Œ
,9(
@(
0476:0)3,
04(.05(9
<967(
:05
H3e
(
*<3;<9(
0479,:(
,9(
<5
;90)<;6
(3
H?0;6
*64,9*0(3
4C:
8<,
(3
;,*f
563P.0*6e
5
‘ŽŒ
(*()()(
+,
:(309
+,
3(
*<5(
@
@(
,?0:;K(5
*(:0
;6+(:

3(:
0556=(*065,:
;H*50*(:
8<,
3(
/0*0,965
76:0)3,e
(:
79,5:(:
@
36:
;(f
33,9,:
7(9(
04790409
;,5K(5
,5
’‘Œ
<5
(:7,*;6
4<@
7(9,*0+6
(3
+,
<5

:0.36
(5;,:e
6
8<,
*(4)0P
-<,
:<
047(*;6
*<3;<9(3e
(:
,:;04(*065,:

.36)(3,:
:65
0479,:065(5;,:e
5
‘ŽŒ
/()K(
,5
<967(
,5;9,
Ž‘Œ
@
Ž“Œ

*,5;96:
+,
0479,5;(b
*(:0
;6+6:
,336:
,5
*0<+(+,:
*6:467630;(:b
<50=,9f
:0;(90(:b
6
(
3(
:64)9(
+,
<5(
*69;,
7905*07,:*(e
5
’‘Œ
,:(:
*0-9(:
56

:,
/()K(5
50
:08<0,9(
+<730*(+6b
7,96
/()K(
<5(
*9,*0,5;,
*65*,5;9(f
*0P5
,5
<5
5T4,96
3040;(+6
+,
36*(30+(+,:
7905*07(3,:e
5
‘
‘Œ
(9K:
@

@65
6*<7()(5
<5
3<.(9
+6405(5;,
,5
9(5*0(e
5
;(30(
4C:
+,
3(
40f
;(+
+,
3(
796+<**0P5
:,
9,(30A()(
,5
,5,*0(b
79,765+,9(5*0(
:,4,1(5f
;,
(
3(
+,
4),9,:
,5
36:
(K:,:
(16:e
636
,5
,3
4,9*(+6
(3,4C5
:,f
.<K(
:05
/(),9
<5
*,5;96
+6405(5;,e
(@
8<,
04(.05(9
,5;9,
‘Œ
@
ŽŒŒ

403365,:
+,
*670(:b
8<0ACb
796+<*0+(:
,5
,:(:
0479,5;(:
+<9(5;,
,3
:0f
.36
?=0e
(
*0-9(
*699,:765+0,5;,
7(9(
,3
:0.36
?=05
:,9K(
+,3
69+,5
+,

e‘ŒŒ
403365,:
+,
,1,473(9,:e
(4)06:
+,
,:(
4(.50;<+
:0.50-0*()(5
5<,=6:
3,*;69,:
(
36:
8<,

/()K(
8<,
*65=,5*,9
+,
8<,
*6479(9(5
,3
4(;,90(3
0479,:6
,5
4(@69

*(5;0+(+e
<5;6
*65
,3
;9676
;90<5-(3
+,
3(
0479,5;(
796=0+,5*0(3b
+<f
9(5;,
,3
:0.36
?=0
:,
(-0(5AP
6;96d
,3
+,
3(
:<7,9796+<**0P5
+,
30)96:e

<;,96
+,7369()(
3(
r()<5+(5*0(
+,
30)96:
@
,:*90;69,:sb
8<,1C5+6:,

+,
r<5
4(9
05-050;6s
@
<5
r6*H(56s
+,
30)96:e
3
4(9;09636.0:;(
05.3H:

6/5
6?,
,:;()(
+,
(*<,9+6b
,:*90)0,5+6
,5
3(;K5d
r(+6
8<,
3(
9,7Tf
 '
 ./-0$q)

'
-$./$)
)30*(
+,
3(:
3,;9(:
:,
=,
+,
/,*/6
()9<4(+(
769
<5(
4<3;0;<+
05-050;(
+,

30)96:
8<,
:(3,5
+,
;6+(:
7(9;,:b
40
;9()(16
,5
,:*90)0936:
(
73<4(
7(9,f
*,
:<7,9-3<6
zeee{se

7905*0706:
+,3
:0.36
? ; <
7<+6
/(),9
05*3<:6
<5(

*90:0:
,5
3(
796+<**0P5
+,
;,?;6:
,:*63(9,:e
,5+,46:
(
7,5:(9
8<,b
,5

3(
,9(
7065,9(
+,
3(
0479,5;(b
36:
3,*;69,:
(5+()(5
(5:06:6:
,5
)<:*(
+,

30)96:b
7,96
3(
9,(30+(+
,9(
3(
67<,:;(d
,9(5
36:
30)96:
36:
8<,
(5+()(5

,5
)<:*(
+,
3,*;69,:e
6:
0479,:69,:
@
30)9,96:
,<967,6:
:()K(5
*P46
(;9(,936:e
4769f
;()(
,3
(:7,*;6
+,
36:
30)96:
7698<,b
7(9(
3(:
,30;,:
05:;9<0+(:
+,
<96f
7(b
36:
30)96:
0479,:6:
,9(5
(3.6
7(9(
.<(9+(9b
@
56
:636
7(9(
*64<50f
*(9:,e
5
36
4C:
(3;6
+,3
4,9*(+6
/()K(
:6)9,
;6+6
6)1,;6:
+,
3<16
@
+,

=(369b
79,:,5;(+6:
*646
+65,:
@
(;,:69(+6:e
(+6
8<,
36:
30)96:
,9(5

,5
.,5,9(3
=,5+0+6:
:05
,5*<(+,95(9
c',
* '1yb
36:
30)9,96:
6-9,*K(5

:,9=0*06:
+,
,5*<(+,95(*0P5
(
4,+0+(e
(9(
36:
0479,:69,:
@
,+0;69,:

,9(
+,
7(9;0*<3(9
04769;(5*0(b
769
;(5;6b
<5
-965;0:70*06
03<:;9(+6b
(3.6

8<,
76+,9
46:;9(9
,5
,3
,:*(7(9(;,
+,
3(
30)9,9K(
6
7,.(+6
,5
3(
-,90(
+,

30)96:e
(:
7C.05(:
?036.9(-0(+(:
,9(5
4C:
)(9(;(:
+,
796+<*09
@
:,
05f
;,.9()(5
-C*034,5;,
,5
,3
796*,:6o+,
0479,:0P5b
9H*0*3C5+6:,
+,
<5(

,+0*0P5
(
6;9(e
(:
0479,:(:
(
7(9;09
+,
<5
.9()(+6
,5
3C405(
+,
*6)9,

,9(5
4C:
*(9(:b
@
,3
*6)9,
,9(
(+,4C:
<5
9,*<9:6
3040;(+6e
(5;6
,3

.9()(+6
*646
3(
0479,5;(
769
,:,
796*,+040,5;6
33,=()(5
4C:
;0,476

@
9,8<,9K(5
4(@69
/()030+(+c
7,96
3(
4(@69
*3(90+(+
@
:6-0:;0*(*0P5
+,

3(
04(.,5
+,3
-965;0:70*06
,9(
=,5;(16:(
,5
*<(5;6
(
(;9(,9
3(
(;,5*0P5

+,3
*6479(+69b
769
36
8<,
36:
.9()(+6:
:6)9,
4(;90*,:
4,;C30*(:
0)(5

79,=(3,*0,5+6
.9(+<(34,5;,
7(9(
36:
;K;<36:
4C:
*(96:e
(:
769;(+033(:
*65
,3
;K;<36
;,5;()(5
(3
3,*;69
*65
9,:T4,5,:
(;9,f
=0+6:d
/0:;690(:
=,9+(+,9(:b
4(9(=033(:
796+0.06:(:b
-()<36:(:
:6979,f
:(:eeee
5<5*0()(5
5<,=(:
,+0*065,:
@
-(*030;()(5
3(
3,.0)030+(+
*65

4,169,:
+0:,N6:
.9C-0*6:b
K5+0*,:b
56;(:
,
03<:;9(*065,:e
6:
*(;C36.6:

(@<+()(5
(
36:
3,*;69,:
(
:(),9
36
8<,
/()K(
+0:7650)3,b
@
;(4)0H5
:<

+0:,N6
:,
,5908<,*0Pe
5(
+05(:;K(
+,
0479,:69,:
(3,4(5,:
+,3
:0f
.36
?=0
+,
U),*2
x 6/(55
(3/695
,
/016y
,9(
;(5
-(46:(
769
r4,16f
9(9s
:<:
;,?;6:
+,
<5(
,+0*0P5
(
6;9(
8<,
:,
*65=09;0P
,5
,3
,7P5046
,5

(3,4C5
7(9(
(3;,9(9
(3.6
/(:;(
8<,
+,1(
+,
7(9,*,9:,
(3
690.05(3
x4#0 *gf

&-0,#,ye
5
30)96
796+<*0+6
4(:0=(4,5;,
5,*,:0;()(
9(:.P:8<,
36

+0:;05.<0,9(5
+,
3(
*647,;,5*0(
@
36:
0479,:69,:
:,
,:-69A()(5
769
/(f
33(9
-694(:
+,
/(*,936e
6:
0479,:69,:
(3,4(5,:
(+67;(965
<5
90=(3

;,<;P50*6
+,3
;076
964(56b
*656*0+6
*646
r9(2;<9sb
7(9(
+(9
(
:<:

6)9(:
<5
(:7,*;6
796706
,5
36:
4,9*(+6:
36*(3,:e
6:
0479,:69,:
+,
 ()/ ) -.
)
*)//* 
@65
;9(;(965
+,
767<3(90A(9
<5(
-<,5;,
0;C30*(
!'4'*'2>
7(9(
3(:
6)9(:
(

=,5+,9
,5
,3
4,9*(+6
-9(5*H:e
3(<+,
(9(465;
46+,3P
:<:
-<,5;,:

964(5(
@
.90,.(
:6)9,
+0:,N6:
796+<*0+6:
7(9(
3(
0479,5;(
=,5,*0(5(

+,
3+<:
(5<;0<:c
,3
(*;<(3
;076
.(9(465+
,:;C
)(:(+6
,5
+0:,N6:
+,

<56
+,
:<:
:<*,:69,:b
,(5
(5565e
(:
7C.05(:
+,
*(),*,9(
,9(5
(
=,*,:
46+0-0*(+(:
7(9(
=,5+,9:,
,5

+0:;05;6:
4,9*(+6:b
6
*(4)0(+(:
7(9(
+,:/(*,9:,
+,
36:
9,:;6:e
6:

79,-(*06:
05+<*K(5
(
3(
.,5;,
(
*6479(9b
@
:,
(*6:()(
(
36:
/64)9,:
+,

3,;9(:
7(9(
8<,
(769;(9(5
79P36.6:
@
9,*64,5+(*065,:e
5
(3.<5(:
9,f
.065,:
36:
0479,:69,:
:,
+0=,9:0-0*(965
,5
3(
796+<**0P5
+,
5(07,:b
;(9f
1,;(:
+,
-,30*0;(*0P5b
*(3,5+(906:
@
C3)<4,:e
5
,3
569;,
+,
9(5*0(
,3

-<5+(+69
+,
<5(
+05(:;K(
+,
,+0;69,:
+,
96@,:b
0*63(:
<+6;b
*6f
4,5AP
(
04790409
30)96:
+,
69(*065,:b
964(5*,:b
-C)<3(:
@
(34(5(8<,:

4<@
)(9(;6:b
8<,
33,.(965
(
:,9
*656*0+6:
*646
r3(
)0)306;,*(
(A<3s

c ' *'-2&=/3#
*#3#d
769
,3
*6369
+0:;05;0=6
+,
:<:
*<)0,9;(:e
9(5
+0:;90f
)<0+6:
,5
,3
569;,
+,
9(5*0(
769
=,5+,+69,:
(4)<3(5;,:
x!-*.-02#301y

8<,
36:
33,=()(5
(
3(:
-,90(:
+,
*0<+(+
,5
*0<+(+e
6:
*65;,4769C5,6:

+,
<+6;
,5
4:;,9+(4b
(9K:
@
65+9,:
)<:*(965
6;96:
4,9*(+6:

7(9(
7<)30*(*065,:
,-K4,9(:b
,5
7(9;0*<3(9
7,90P+0*6:
@
9,=0:;(:e
5
;6f
+(:
7(9;,:b
0479,:69,:
@
,+0;69,:
:()K(5
8<,
<5
30)96
767<3(9
,9(
,3
8<,

(;9(K(
(
+0:;05;6:
.9<76:
+,
3,*;69,:b
*<@6:
.<:;6:
,
05;,9,:,:
;,5K(5

8<,
*<3;0=(9e
(*0(
’‘Œ
/()K(
<5(
,:;9,*/(
*699,3(*0P5
,5;9,
3(
796f
+<**0P5
+,
30)96:
,5
<5
7(K:
@
:<
 
7,9
*C70;(e
:(
9,3(*0P5
56
,9(
+,

*(<:(
@
,-,*;6b
7,96
9,-3,1()(
<5(
5<,=(
9,(30+(+d
8<,
(
4,+0(+6:
+,3

:0.36
?=00
3(
0479,5;(
:,
/()K(
*65=,9;0+6
,5
<5
05+0*(+69
-0()3,
+,
3(

796:7,90+(+
,*65P40*(
:<)@(*,5;,e
90<5-(9
*646
,+0;69
,?0.K(
/()030+(+
4,9*(5;03b
*65;(*;6:
*64,9f
*0(3,:
@
)<,5(
:<,9;,e
(
*(99,9(
+,
/90:;6--,3
3(5;05b
<56
+,
36:
04f
79,:69,:
4C:
,479,5+,+69,:
+,3
:0.36
?=0
,5
<967(b
03<:;9(
*P46
:,

/(*K(e
646
4<*/6:
0479,:69,:
+,
:<
H76*(b
,9(
<5
,40.9(+6
8<,
33,f
.P
(
4),9,:
/()0,5+6
5(*0+6
,5
,3
=(33,
+,3
609(e
5
‘
‘
‘
*64,5AP

(
04790409
30)96:b
;(9,(
8<,
*64)05()(
*65
3(
*<9;0+<9K(b
,5*<(+,95(f
+6
@
=,5;(
+,
,5*(1,:e
;030AP
(
:<
-(4030(
@
(40.6:
7(9(
(<4,5;(9
:<

*(70;(3b
@
(3.<56:
+,
:<:
(40.6:
,9(5
;(4)0H5
r-(4030(s
,5
,3
:,5;0+6

+,
8<,
7,9;,5,*K(5
(
3(
(4030(
+,3
469b
:,.<0+69,:
+,
3(
70,+(+
+6f
4H:;0*(
79,+0*(+(
769
,5+902
0*3(,:e
,
/0A6
*65
<5(
9,+
+,
*65;(*f
;6:
,5
(9K:b
9,:;905.0,5+6
:<:
7904,9(:
=,5;(:
(3
4,9*(+6
-9(5*H:
@

*<0+(5+6
,8<030)9(9
:<
796+<**0P5
,5;9,
7<)30*(*065,:
+,
79,:;0.06

@
6;9(:
4C:
/<403+,:
7,96
8<,
:,
=,5+K(5
*65
4(@69
-(*030+(+e
5
‘’’
 '
 ./-0$q)

'
-$./$)
3(5;05
@
K(e
;,50(
:0,;,
0479,5;(:
@
,473,()(
(

0479,:69,:b
;07Pf
.9(-6:
@
3,*;69,:
+,
79<,)(:
@
:,
/()K(
;9(:3(+(+6
+,:+,
,3
36*(3
,5
3(

(44,5:;9((;
(3
8<,
/()K(
7<,:;6
,3
564)9,
+,
r,
<3+,5
(::,9s

z (
)9T1<3(
+69(+({b
(
3(
*,9*(5(
901+(.4(92;b
+65+,
:,
*65:,9=(
/6@b

*65=,9;0+6
,5
4<:,6b
:<
$$'!',
*,2',',U
3
4(@69
H?0;6
+,
3(5;05b
56
6):;(5;,b
-<,965
36:
465676306:
+,

0479,:0P5
6);,50+6:
.9(*0(:
(
:<:
*65;(*;6:
,5
7<,:;6:
04769;(5;,:e

(
*,5:<9(
+,
36:
30)96:
:,
+,:(99633P
+<9(5;,
,3
:0.36
?=0
(
7(9;09
+,3

+,:,6
+,
36:
796706:
0479,:69,:
+,
796;,.,9
:<:
7<)30*(*065,:
-9,5;,
(

3(
*647,;,5*0(e
,:,()(5
r790=03,.06:s
7(9(
/(*,936
@
36:
.6)0,956:

7,9*0)0,965
8<,
76+K(5
:,9=09
*646
(94(
,5
3(
)(;(33(
*65;9(
36:
(+f
=,9:(906:
9,30.06:6:e
(:
7<)30*(*065,:
*64,5A(965
(
33,=(9
(
7(9;09
+,

,5;65*,:
<5
r'+.0'+230_
8<,
6-9,*K(
=,5;(1(:
,*65P40*(:
(3
0479,f
:69f,+0;69b
7,96
8<,
(3
40:46
;0,476
3,
6)30.()(
(
:64,;,9
:<:
;,?;6:
(

<5
,?(4,5
6-0*0(3e
3(5;05b
:05
,4)(9.6b
:,
/0A6
*65
,3
4C:
;,5;(+69
+ (36:
465676f
306:e
65
3(
(@<+(
+,
5;605,
,99,56;
x,3
*(9+,5(3
9(5=,3(yb
:,
(:,f
.<9P
<5
:<):0+06
9,(3
x‘’”y
@
<5
790=03,.06
7(7(3
x‘“by
7(9(
04790f
409
@
=,5+,9
,5
;6+(
3(
<967(
*(;P30*(
3(
0)30(
63K.36;(
,.0(

,5*(9.(+(
769
,307,
e
5
‘“Œ
;(4)0H5
6);<=6
<5
790=03,.06
7(7(3

8<,
3,
+()(
+,9,*/6:
,?*3<:0=6:
7(9(
04790409
@
=,5+,9
,3
5<,=6
)9,f
=0(906
x30;<9.0(
+,
3(
.3,:0(
64(5(y
9,*64,5+(+6
769
,3
*65*0306
+,

9,5;6e
5
 ‘ “ 
,:,
790=03,.06
:,
,?;,5+0P
(
:7(N(
@
:<:
;,990;6906:

+,
<3;9(4(9e
,:+,
4),9,:
:,
,5=0()(5
36:
*(9.(4,5;6:
+,
30)96:

769
403,:
@
3(
79,,405,5*0(
+,
3(5;05
,5
:<
7<)30*(*0P5
:,
4(5;<=6
769

<5
;0,476e
,96
505.T5
,+0;69
,:;()(
:,.<96
7(9(
:0,479,e
5
<5
(4f
)0,5;,
;(5
*647,;0;0=6
*646
(8<,3b
0479,:69,:
90=(3,:
+,
63650(b
/(f
*0,5+6
*(:6
640:6
+,
:<
790=03,.06b
796+<*K(5
:<:
796706:
)9,=0(906:e

(:
*90:0:
763K;0*(:b
(<58<,
.,5,9()(5
+,4(5+(:
+,
*670(:
0479,:(:b

;9(:;695()(5
,3
:<4050:;96
@
36:
4,9*(+6:e
<(5+6
,5
36:
(K:,:
(16:

:,
9,(5<+P
3(
.<,99(
*0=03
,5
‘“Žb
*(:0
-<,
(
3(
)(5*(996;(e
<0,5
/(f
)K(
:0+6
,3
4C:
,?0;6:6
+,
36:
,+0;69,:
-094()(
:<:
*(9;(:
(
-05(3,:
+,
3(

+H*(+(
+,
‘”Œ
*646
r,3
(5;,:
79P:7,96s
3(5;05e
(:
)0)306;,*(:
,9(5

3(
,5*(95(*0P5
+,
3(
5<,=(
*<3;<9(
0479,:(e
3
(<.,
+,
3(:
*63,**065,:

790=(+(:
:,
7<,+,
*(30)9(9
,5
7(9;,
769
36:
05=,5;(906:
8<,
56:b
/(5
33,f
.(+6e
5
369,5*0(b
40,5:
@
6;96:
3<.(9,:b
:,
,=0+,581(
<5
(<4,5;6

+,
3(
+0:7650)030+(+
+,
;,?;6:
0479,:6:
,5
,3
7(K:b
@
,5
7(9;0*<3(9
,3
+,f
:(996336
+,
*63,**065,:
<9)(5(:
+,
4,+0(56
;(4(N6
x+,
,5;9,
Œ
@
ŽŒŒ

30)96:ye
,
*65-,**065()(5
;(4)0H5
)0)306;,*(:
,:7,*0(34,5;,
*65:f
 ()/ ) -.
)
*)//* 
;9<0+(:
7(9(
*63,**065,:
4(@69,:b
8<,
:04)630A()(5
,3
=K5*<36
,5;9,

30)96:
@
76+,9e
5
 ‘  ‘
,3
,5(+6
=,5,*0(56
+,*0+0P
*65:;9<09
<5(
)0f
)306;,*(
7(9(
(361(9
36:
30)96:
8<,
/()K(
3,.(+6
,3
*(9+,5(3
,::(9065e

(
9,:63<*0P5
+,3
,5(+6
:,
9,-,9K(
(3
r)<,5
.6)0,956s
8<,
:,
6);,5f
+9K(
:0.<0,5+6
(
36:
5;0.<6:
,5
,3
-64,5;6
+,3
(79,5+0A(1,e
(
)0)306f
;,*(
9,(3
+,
65;(05,)3,(<
-694()(
7(9;,
+,
3(
(.,5+(
*<3;<9(3
+,

9(5*0:*6
b
8<,
05*3<K(
3(
-<5+(*0P5
+,
<5(
0479,5;(
9,(3
@
<5
:0:;,4(

+,
+,7P:0;6
3,.(3e
5
3,4(50(
36:
79K5*07,:
90=(30A()(5
,5;9,
:K
,5
3(

-05(5*0(*0P5
+,
)0)306;,*(:
@
,3
564)9(40,5;6
+,
)0)306;,*(906:e
(:

)0)306;,*(:
:,
*65=09;0,965b
,5
9,:<4,5b
,5
,:7(*06:
+,+0*(+6:
(3
)0,5

*64T5b
6
(4)0,5;,:
x*(+(
=,A
4C:y
790=03,.0(+6:
,5
36:
8<,
:,
,?(3;(f
)(
3(
+0.50+(+
+,
36:
79K5*07,:e
    

     
(
3,5.<(
,9(
<5(
)(99,9(b
7,96
;(4)0H5
-(*030;()(
3(
*64<50*(*0P5b
@(

-<,9(
/()3(+(
6
,:*90;(e
j<C5;(:
3,5.<(:
:,
/()3()(5
,5
<967(
+<f
9(5;,
(8<,3
7,9K6+6i
(
9,:7<,:;(
56
,:
:,5*033(b
@(
8<,
36
8<,
:,
*65f
:0+,9(
<5(
3,5.<(
,<967,(
8<,+(
+,;,9405(+6
769
3(:
8<,
:,
*65:,9f
=(5e
5(
9,*0,5;,
,:;04(*0P5
:0;T(
3(
*0-9(
,5;9,
*<(9,5;(
@
:,;,5;(e
(

*65*0,5*0(
+,
3(
90*(
/,9,5*0(
305.UK:;0*(
,<967,(
0)(
*9,*0,5+6e
6:

*65;,4769C5,6:
(
4,5<+6
=05*<3()(5
3(
*<(30+(+
+,
3(:
3,5.<(:
*65
,3

:<7<,:;6
*(9C*;,9
469(3
+,
3(
.,5;,
8<,
3(
/()3()(e
:K
,3
-03P:6-6
@

4(.0:;9(+6
0*/,3
+,
65;(0.5,
*65:0+,9()(
,3
.(:*P5b
3(
3,5.<(
/(f
)3(+(
,5
,3
:<96,:;,
+,
9(5*0(b
*646
r=(96503s
@
r4030;(9sb
40,5;9(:

8<,
,3
()6.(+6
7(90:056
;0,55,
(:8<0,9
7,5:()(
8<,
,3
0;(30(56
,9(

r)3(5+6s
@
r(-,405(+6se
(5;6
65;(0.5,
*646
(:8<0,9
:<:*90)K(5

3(
*65:0+,9(*0P5
/<4(50:;(
8<,
/(*K(
+,
3(
3,5.<(
3(
70,+9(
+,
;68<,
+,

3(
,+<*(*0P5e
6:
,:*90;69,:
90=(30A()(5
,5;9,
:K
,5
3(
79646*0P5
+,
:<

79670(
3,5.<(
=,95C*<3(
5(;0=(
(3
;0,476
8<,
+,50.9()(5
3(:
+,
36:
+,f
4C:e
5
‘Ž
,3
+9(4(;<9.6
,
05;,3,*;<(3
0;(30(56
7,965,
7,9650

*65;9(:;()(
36:
4H90;6:
9,3(;0=6:
7(9(
3(
*6476:0*0P5
30;,9(90(
+,3
.90,f
.6b
,3
3(;K5b
,3
;6:*(56
@
6;96:
+0(3,*;6:
0;(30(56:e
3
76,;(
6(*/04
+<

,33(@
:,.<K(
:<
,1,4736
*05*6
(N6:
+,:7<H:
@
,5
:<
#$$#,!#R
#2
**31V
202'-,
"#
* ,%3#
0,!-71#
*90;0*()(
(
:<:
*647(;906;(:
769
56
=(36f
9(9
(+,*<(+(4,5;,
,3
-9(5*H:
@
79646=,9
:<
908<,A(e
5
:7(N(
36:

/<4(50:;(:
30.()(5
3(
+0.50+(+
+,
3(
3,5.<(
*(:;,33(5(
(
:<:
9(K*,:
3(;Kf
 '
 ./-0$q)

'
-$./$)
N(:b
(<58<,
6;9(:
3,5.<(:
+,
3(
7,5K5:<3(
;,5K(5
;(4)0H5
:<:
+,-,5:6f
9,:e
(9;K5
+,
0A0(5(b
769
,1,4736b
,8<07(9()(
,3
=(3,5*0(56
(3
*(:;,f
33(56
,5
:<
' 0-
"#
* ,81
" [*1
*#,%32C
# 0#`0'#%` 2',R

12#**,b
7
*#,!',b
(3
;,5,9
3(
40:4(
9(KA
3(;05(e
5
‘”•
<+f

)9(5+<9
/693C2::65
,?(3;()(
769
:<
7(9;,
3(
7<9,A(
+,
3(
3,5.<(
0:3(5f
+,:(e
6
/()K(
(7,5(:
505.<5(
3,5.<(
=,95C*<3(
8<,
56
;<=0,9(
:<
7(f
3(+K5e
j,4<,:;9(
,:;6
,3
;90<5-6
+,
3(:
3,5.<(:
=,95C*<3(:i
(
9,(30+(+

56
,9(
;(5
:0473,e
()K(
<5(
;,5:0P5
*65:;(5;,
,5;9,
,3
3,5.<(1,
/()3(f
+6
@
,:*90;6b
,5;9,
3(:
79,:065,:
+,3
36*(30:46
@
,3
+,:,6
+,
<50-6940f
+(+e
3
73<9(30:46
305.UK:;0*6
:,.<K(
:0,5+6
<5
/,*/6
*64T5
,5
<96f
7(e

-05(3,:
+,3
:0.36
?=0
,5
,3
=(33,
+,
5.(+05,b
,5
,3
*,5;96
+,
<0A(b

36:
40,4)96:
+,
3(
-(4030(
(30:
4(5;,5K(5
*699,:765+,5*0(
,5;9,
:K
,5

*05*6
3,5.<(:
+0-,9,5;,:e
6:
/016:b
8<,
,:;<+0()(5
3,16:b
,:*90)K(5
(

*(:(
,5
3(;K5b
7,96
,3
9,:;6
+,
3(
-(4030(
<;030A()(
(3,4C5b
0;(30(56b
-9(5f
*H:
@
3(:
4<1,9,:
:<
964(5*/,
5(;0=6e
3
)0305.U0:46
,9(
;(4)0H5
*6f
990,5;,
,5
<967(
*,5;9(3
@
690,5;(3b
+65+,
.9<76:
8<,
/()3()(5
/T5f
.(96b
,:36=(*6b
*/,*6b
(3,4C5b
*96(;(
6
0;(30(56
=0=K(5
4<@
*,9*(
<56:

+,
6;96:e
5
0;<(50(
*6/()0;()(5
*05*6
3,5.<(:d
30;<(56b
763(*6b
(3,f
4C5b
9<;,56
@
3,;P5e
(
.,5;,
:,
(*646+()(
-C*034,5;,
(
3(
7,9;,5,5f
*0(
(
4C:
+,
<5(
*64<50+(+
305.UK:;0*(e
<H
3,5.<(
79,-,9K(5
<;030A(9b

@
,5
8<H
*65;,?;6b
(7(9,*K(
*646
<5(
*<,:;0P5
:6*0(3
@
*<3;<9(3
:6)9,

8<0H5,:
,9(5
@
(
8<H
*64<50+(+
7,9;,5,*K(5
,5
*(+(
464,5;6
7(9;0f
*<3(9e
(
3,5.<(
*64T5
+,
3(
90:;0(5+(+
,9(
,3
3(;K5b
8<,
:,.<K(
:0,5+6

3(
r3,5.<(
=09;<(3s
4C:
04769;(5;,
7(9(
+,-0509
8<0H5
:,
,9(
:6*0(3
,

05;,3,*;<(34,5;,e
646
+,*K(
,3
4(,:;96
+,
,:*<,3(
05.3H:
0*/(9+

<3*(:;,9b
,9(
3(
3,5.<(
+,
r3(
*64<50+(+
05:;9<0+(se
<,
,3
T3;046

*64765,5;,
+,
3(
90:;0(5+(+
,5
+,99<4)(9:,e
5
3(:
A65(:
)0305.U,:

+,
<967(
,3
3(;K5
:,.<K(
:0,5+6
3(
*',%3$0,!
7(9(
3(
1<:;0*0(b
3(
(+f
4050:;9(*0P5
@
36:
5,.6*06:e
<*/6:
9,.0:;96:
4<50*07(3,:
@
+,
;90)<f
5(3,:
,5
63650(
:,
4(5;<=0,965
,5
3(;K5
/(:;(
,3
:0.36
?=5e
5
0,5(

36:
-<5*065(906:
+,
3(
6-2(44,9
:,
*64<50*()(5
,5
3(;K5
*65
:<:
/6f
4P36.6:
+,
9(;0:3(=(e
6:
9,.0:;96:
+,
3(:
+0,;(:
(3,4(5(
@
/T5.(9(

,:;()(5
,5
3(;K5e
<(5+6
36:
=0(1,96:
05.3,:,:
8<,9K(5
+(9
(
*656*,9

:<:
+,:,6:
,5
76:(+(:
/T5.(9(:
<;030A()(5
,3
3(;K5e
01*(7<*/056
-3(f
4,5*6
,:*90)0P
(
64(
,5
’
8<,
r,5
<5.9K(
36:
*(47,:056:
@

7(:;69,:
/()3(5
,5
3(;K5
*65
4(@69
-3<0+,A
8<,
4<*/6:
*<9(:
+,
6;96:

3<.(9,:se
3
3(;K5
:0.<0P
:0,5+6
3(
3,5.<(
-694(3
+,
3(
+07364(*0(
@
+,
 ()/ ) -.
)
*)//* 
3(
.3,:0(
(;P30*(
64(5(e
5
’‘Œ
3(
4(@69K(
+,
36:
30)96:
(
3(
=,5;(

,5
3(
-,90(
+,
9C5*-69;
,:;()(5
;6+(=K(
,5
3(;K5e
6
,9(
3(
T50*(
3,5.<(

=09;<(3
x36:
1<+K6:
<;030A()(5
,3
/,)9,6
@
,5;9,
36:
69;6+6?6:
3(
*',%3

$0,!
,9(
,3
,:3(=P50*6
,*3,:0C:;0*6y
7,96
,3
3(;K5
:,.<K(
:0,5+6
3(
/<,f
33(
9,:0+<(3
@
3(
-965;,9(
305.UK:;0*(
8<,
+,3040;()(
36
8<,
,5
6;96
;0,4f
76
/()K(
:0+6
3(
90:;0(5+(+e
(:
;,5:065,:
,5;9,
36:
7(9;0+(906:
+,
3(
,-694(
796;,:;(5;,
:,
9,f
-3,1()(5
;(4)0H5
,5
:<:
3,5.<(:e
<58<,
36:
/<4(50:;(:
79,+0*()(5
3(

<;030+(+
+,
3(:
3,5.<(:
=,95C*<3(:
9,-694(+(:b
36:
,:;(+6:
56
76+K(5

04765,9
<5(
3,5.<(e
3
,+0*;6
+,
033,9:f6;;,9,;:
x‘•y
+,*K(
8<,
,5

3(
*69;,
:,
+,)K(
<;030A(9
3(
r3,5.<(
4(+9,
-9(5*,:(sb
7,96
56
,?*3<K(

6;9(:
3,5.<(:e
8<,3
40:46
(N6
,3
,14
763(*6
69+,5()(
8<,
;6+(:
:<:

3,@,:
@
,-,*;6:
:,
7<)30*(9(5
,5
763(*6b
7,96
56
-<,
(7,5(:
6),+,*0+6

,5
6;9(:
9(4(:
+,
:<
(+4050:;9(*0P5
36*(3e
(
,@
+,
50P5
,5;9,
5f
.3(;,99(
@
(3,:
,5
‘’
9,8<,9K(
8<,
36:
1<9(4,5;6:
-<,9(5
7965<5f
*0(+6:
r,5
3,5.<(
05.3,:(sb
(<58<,
:,
:0.<0P
<:(5+6
,3
.(3H:
+<9(5;,

,3
:0.36
:0.<0,5;,e
5
(N6
+,:7<H:b
3(
,@€+,3
9+,5
5.3H:
3040;()(
,3

<:6
+,3
093(5+H:
,5
7T)30*6b
*65=09;0,5+6
(:K
(3
05.3H:
,5
<5(
3,5.<(

0990;(5;,4,5;,
*63650(30:;(e
5
‘’
3(
58<0:0*0P5
/0A6
,3
*(:;,33(56

6)30.(;6906
,5
(;(3<N(b
*9,(5+6
9,:,5;040,5;6:
7(9,*0+6:
8<,
0)(5
(

9,:<9.09
,5
3(
+H*(+(
+,
’Œe
<9(5;,
,3
:0.36
 
36:
:<,*6:
05;,5;(f
965
9,:;905.09
,3
<:6
+,3
+(5H:
@
,3
-05H:
,5
:<
5<,=6
047,906b
40,5;9(:

8<,
36:
():)<9.6
;9(;(965
+,
04765,9
,3
(3,4C5
,5
;0,99(:
*/,*(:
;9(:

3(
)(;(33(
+,
3(
65;(N(
3(5*(
x’ŽŒye
5
’‘Œ
/()K(
*64<50+(+,:

305.UK:;0*(:
+6405(5;,:
,4,9.,5;,:
,536+(
<967(b
36
8<,
:,
9,-3,1()(

,5
<5(
9,+,-050*0P5
+,
36
36*(3e
(4)0H5
/()K(
3,5.<(:
,5
*3(96
9,;96f
*,:6d
=(:*6b
)9,;P5b
.(H30*6eee
(9(
6;9(:
v *(;(3C5b
769;<.<H:b
*/,*6b

+(5H:b
5,,93(5+H:v 3(:
7,9:7,*;0=(:
,9(5
*<(5+6
4,56:
+<+6:(:e
(
(3;,95(;0=(
305.UK:;0*(
8<,
(-965;()(5
36:
05;,3,*;<(3,:
6:*03()(

,5;9,
(4730(9
:<
C4)0;6
x3(;K5y
@
796-<5+0A(936
x3,5.<(
=,95C*<3(ye

9(:46
67;P
:05
+<+(936
769
3(
7904,9(e
6+6
36
8<,
,:*90)0P
,:;()(

,5
3(;K5b
3,5.<(
8<,
/()3()(
*65
-3<0+,A
x*65
(*,5;6
5,,93(5+H:ye
05

,4)(9.6b
,5
,3
79,-(*06
(
:<
,+0*0P5
,5
.90,.6
+,3
<,=6
,:;(4,5;6b

+,-,5+K(
:<
;9(+<**0P5
(
3(:
3,5.<(:
=,95C*<3(:
+,
4(5,9(
8<,
r*<(3f
8<0,9
4<1,9*0;(s
c-+,#1
+3*#0!3*#yb
,:*6*,:(
6
093(5+,:(b
;<9*(
6
:(f
99(*,5(b
7<+0,9(
3,,936b
36:
3()9(+69,:
7<+0,9(5
*(5;(9
3(:
,:*90;<9(:

40,5;9(:
:,.()(5
@
36:
;,1,+69,:
4(5;<=0,9(5
*65
,33(:
,3
90;46
,5
:<

;,3(9e
(
4(@69
;,5:0P5
305.UK:;0*(
+,
3(
H76*(
+,
3(
,-694(
:,
9,-,9K(

(
8<H
3,5.<(
+,)K(
<56
<;030A(9
,5
3(
0.3,:0(
@
*P46
+,)K(
+090.09:,
(
Ž• '
 ./-0$q)

'
-$./$)
06:e
3
3(;K5
:,.<K(
:0,5+6
3(
3,5.<(
+,
3(
30;<9.0(
*(;P30*(b
7,96
3(:

79<,)(:
+,
3(:
=0:0;(:
(
3(:
0.3,:0(:
(7<5;(5
(
8<,
<5(
7(9;,
:<:;(5*0(3

+,3
*3,96
7(9968<0(3b
(3
4,56:
(5;,:
+,3
047(*;6
,+<*(;0=6
+,
3(
65f
;9(99,-694(
*(;P30*(b
56
36
*656*K(
(7,5(:b
(<58<,
,:
+0-K*03
+,*0+09
:0

,:6
04769;()(
@
8<H
3,5.<(
:,
<;030A()(
,5
36:
:,9465,:
@
/6403K(:e
3

3(;K5
=<3.(9
76+K(
:,9
-C*03
7(9(
36:
/()3(5;,:
+,
3,5.<(:
964(5*,:
,5f
;9,=,9C5+6:,
*65
,33(:e
0
:08<0,9(
,:;C
*3(96
:0
3(
*65.9,.(*0P5
/<)0,f
9(
,5;,5+0+6
4,169
(
:<
7C996*6
,5
3,5.<(
=,95C*<3(b
(
4,56:
8<,
769

*(:<(30+(+
+6405(9(
:<
+0(3,*;6e
6:
9,-694(+69,:
796;,:;(5;,:
79,-,9K(5
3(
796-<5+0A(*0P5
(
3(

(4730(*0P5b
(<58<,
+,:0.<(34,5;,e
<;,96
+,-,5+K(
,3
4(5;,5040,5;6

+,
3(
30;<9.0(
3(;05(
*65
7967P:0;6:
,+<*(;0=6:
@
,:*90)0P
:<:
6)9(:
;,6f
3P.0*(:
,5
3(;K5e
390*6
<05.306
z <3+9@*/
>05.30{b
8<,
/()3()(
<5

+0(3,*;6
:<0A6b
7,5:()(
8<,
3(
3,5.<(
,9(
<5(
*<,:;0P5
*,5;9(3
,5
*<(5f
;6
(
3(
-694(
,5
8<,
,5;,5+,46:
@
(+69(46:
(
06:e
<(5+6
;9(5:-69f
4P
3(
30;<9.0(
,5
T90*/
x‘
Ž‘yb
36:
(:0:;,5;,:
(
36:
6-0*06:
*(5;()(5
,3

^*-0'
',
6!#*1'1_
,5
,3
:<0A6f(3,4C5
+,
36:
*(5;65,:
690,5;(3,:b
7,96

:0
:<:
6)9(:
;,63P.0*(:
;<=0,965
<5(
(<+0,5*0(
4C:
(4.30(
-<,
.9(*0(:

(3
3(;K5e
<(5
(3=056
<;030A()(
;(5;6
,3
3(;K5
*646
,3
-9(5*H:b
7,96
:,

,:-69A()(
769
;9(+<*09
:<:
6)9(:
(
,:;,
T3;046e
9(+<*09
3(
0)30(
-<,
<5

+,:(-K6
7(9(
;6+6:
36:
9,-694(+69,:
9,30.06:6:e
(9;K5
<;,96
3(
;9(f
+<16
(
<5
(3,4C5
7(9(
r,3
/64)9,
*6990,5;,s
c"#0
%#+#',#
,,dU

j<H
;076
+,
(3,4C5
,9(
(8<,3i
<;,96
9,*656*K(
8<,
r,3
(3,4C5
;0,5,

;(5;6:
+0(3,*;6:
8<,
+6:
7,9:65(:
8<,
=0=,5
(
‘Œ
24
<5(
+,
6;9(
(7,f
5(:
:,
,5;0,5+,5
,5;9,
:Kse
5
:<
;9(+<**0P5
+,
3(
0)30(
79,-090P
:,.<09

,3
46+,36
+,
3(
*69;,
:(165(
+,
,0::,5b
*656*0+6
*646
r3,5.<(
6-0f
*0(3s
ce#'11,#0
,(*#'1.0!&>dU
(:
:*90;<9(:
=,95C*<3(:
+0=0+K(5
(3

796;,:;(5;0:46
:6)9,
3(
*<,:;0P5
*,5;9(3
+,
3(
,-694(d
*P46
:,
4(5f
;,5K(
<56
,5
9,3(*0P5
*65
06:e

   
 


()K(
*65:0+,9()3,
0556=(*0P5b
:6-0:;0*(*0P5
,
04(.05(*0P5b
4C:
(33C

+,
3(
0479,5;(b
,5
,3
<:6
+,
04C.,5,:
?036.9(-0(+(:b
.9()(+6:b
(.<(f
-<,9;,:b
4T:0*(
@
)(3(+(:
0479,:(:b
796+<**0P5
+,
4,+(33(:
@
;(70*,:eee

6:
,:;<+06:6:b
(9;0:;(:
@
.9()(+69,:
,5;,5+K(5
8<,
<5(
04(.,5
*65f
33,=()(
=(90(:
*(7(:
+,
:0.50-0*(+6e
(
9,796+<**0P5
4,*C50*(
(@<+(f
 ()/ ) -.
)
*)//*
 
)(
(
3(
-()90*(*0P5
+,
.36)6:
;,99C8<,6:b
,:-,9(:
(9403(9,:b
:,?;(5;,:
@

(50336:
(:;965P40*6:
@
4,169()(
:<
*3(90+(+
@
79,*0:0P5e
(
*9,*0,5;,

-0()030+(+
+,
3(:
;()3(:
5<4H90*(:
x7(9(
3(:
76:0*065,:
.,6.9C-0*(:b
;90f
.6564,;9K(b
36.(90;46:
@
,-,4H90+,:
73(5,;(90(:y
-(*030;()(
:<
<:6e
(:

;()3(:
+0*6;P40*(:
7,940;K(5
*(7;(9
*65
<5(
:63(
409(+(
3(
,:;9<*;<9(

+,
3(
05-694(*0P5e
(:
04C.,5,:
7,940;K(5
<5(
4,169
;9(5:40:0P5
@

,:;(5+(90A(*0P5
+,
3(:
;H*50*(:e
(
*(30+(+
+,
3(:
03<:;9(*065,:b
1<5;6

*65
,3
(*673(40,5;6
+,
04(.,5
*65
;,?;6b
*65;90)<@P
(3
H?0;6
+,
36:

;,?;6:
+,
(5(;64K(b
4(5<(3,:
)6;C50*6:b
;9(;(+6:
4(;,4C;0*6:
@
(;3(:e
(:
04C.,5,:
,9(5
(+,*<(+(:
7(9(
*65*,5;9(9:,
,5
36
7(9;0*<3(9e

(
9,79,:,5;(*0P5
5(;<9(30:;(
+,
3(:
73(5;(:
*,99()(
3(
)9,*/(
,5;9,
36:

;,?;6:
+0:*<9:0=6:
:6)9,
3(
5(;<9(3,A(
@
3(
,?7,90,5*0(
+09,*;(e
,:(306

:<7,9=0:P
@
7(.P
3(:
”
?036.9(-K(:
:6)9,
(5(;64K(
/<4(5(
*65;,50+(:

,5
 #
&3+,'
!-0.-0'1
$ 0'!b
+0*0,5+6
(3
3,*;69d
r (:
04C.,5,:
(@<f
+(5
(
3(
*6479,5:0P5
+,
,:;(:
*6:(:
@
:0;T(5
<5
;,4(
(5;,
36:
616:
*65

4<*/(
4(@69
79,*0:0P5
8<,
,3
3,5.<(1,
4(:
,?73K*0;6se
(:
,:*(3(:
+,

36:
4(7(:b
4,+0+(:b
+,:*907*065,:
8<,
(*647(N()(5
3(:
04C.,5,:
@

(9;,-(*;6:
*6369,(+6:
(
4(56
*6473,4,5;()(5
3(
:,5:(*0P5
+,
9,(30f
+(+e
3
*656*040,5;6
+,3
4<5+6
:,
76+K(
9,79,:,5;(9
;(4)0H5
,5
+0(f
.9(4(:
@
-P94<3(:
8<,
:<765K(5
-694(:
+,
=,9
,3
4<5+6
@
,:;9<*;<9(f
)(5
,3
*656*040,5;6e
(:
03<:;9(*065,:
8<,
(*647(N()(5
,3
;9(;(+6
+,

P7;0*(
+,
,:*(9;,:
*64)05()(5
3(
+0:,**0P5
(5(;P40*(
*65
3(
.,64,f
;9K(
P7;0*(e
9()(+69,:
@
(9;0:;(:
56
,9(5
:0473,:
(@<+(5;,:
,5
,3
796f
*,:6
+,
3(
9,79,:,5;(*0P5
+,3
*656*040,5;6b
:056
*63()69(+69,:
(*;0=6:

2,
,33(b
-0.<9(5+6
(
=,*,:
+09,*;(4,5;,
~5
3(:
6)9(:
8<,
9,79,:,5;()(5e
(:
04C.,5,:b
3,16:
+,
-6:030A(9
,3
*656*040,5;6
,5
<5
4,+06
,:;Cf
;0*6b
9,79,:,5;()(5
:<
(+8<0:0*0P5
*646
796*,:6
+05C40*6e
,0590*/

6.;/,99
x,3
0,16y
-<,
,3
7904,96
,5
796+<*09
03<:;9(*065,:
(5(;P40f
*(:
*65
/61(:
:<7,97<,:;(:
(
-05
+,
46:;9(9
,3
*<,976
05;,9069
@
,?;,f

90694,5;,e
(5:
(3+<5.
90,5
*65-,**065P
,5
‘
+0,A
?036.9(-K(:

7(9(
,3
(;3(:
(5(;P40*6
+,
(3;,9
,94(55
 @ --
8<,
46:;9()(5
3(:

,;(7(:
:<*,:0=(:
+,
<5(
+0:,**0P5
*9(5,(3e
 *
#,1(#0-
"#
*1
#120#**1

+,
(303,6
05*3<K(
<5(
:<*,:0P5
+,
.9()(+6:
8<,
9,796+<*K(5
3(:
099,f
.<3(90+(+,:
8<,
/()K(
6):,9=(+6
,5
3(
:<7,9-0*0,
+,
3(
3<5(
@
3(:
4(5f
*/(:
+,3
:63
*646
5(99(*0P5
=0:<(3
+,
:<:
;,69K(:
(:;965P40*(:e
(:
04C.,5,:
-64,5;()(5
3(
=,5;(
+,
30)96:b
@
;(4)0H5
(304,5;(f
)(5
3(:
0+,(:
*65;,50+(:
,5
,336:e
6:
7967(.(5+0:;(:
3<;,9(56:
05*69f
769(965
46;0=6:
@(
-(4030(9,:
x465:;9<6:
@
769;,5;6:y
,5
:<:
7(5f
-3,;6:
(5;0*(;P30*6:b
1<:;0-0*C5+636:
*646
(+,*<(+6:
r7(9(
3(
.,5;,
 '
 ./-0$q)

'
-$./$)
:,5*033(se
(:
04C.,5,:
76+K(5
;9(:*,5+,9
3(
+,-0*0,5*0(
+,
(3-(),;0A(f
*0P5
@
76+K(5
*65=,9;09:,
,5
3(
r0)30(
+,
36:
76)9,:s
x' *'.3.#03+yb

!-+ -
:,
/()K(
+0*/6
(
9(KA
+,
3(
*65;96=,9:0€0*656*3(:;(
,5
,3
:,.<5+6

*65*0306
+,
0*,(
x“”“ye
3
796;,:;(5;0:46
x9,-694(+6y
+,
<05.306
@

(3=056
;,5K(
:<:
9,:,9=(:b
,47,96b
:6)9,
3(:
04C.,5,:b
,:7,*0(34,5;,

,5
<5
*65;,?;6
,46*065(3e
3,5;()(5
3(
0+63(;9K(b
@
36:
79,*,7;6:
)K)30f
*6:
+,3
5;0.<6
,:;(4,5;6
3(:
1<A.()(5
7,30.96:(:
7(9(
3(
=,9+(+,9(

-,
@
79,*650A()(5
:<
+,:;9<**0P5e
5
3(
90:;0(5+(+
*(;P30*(
*65;9(99,f

-694(+(
56
,?0:;K(5
,5
*(4)06
;(3,:
9,;0*,5*0(:e
(:
04C.,5,:
,9(5
<5(

7(9;,
04769;(5;,b
*646
05:0:;K(5
36:
40:065,96:
1,:<K;(:b
+,
3(
7(56730(

+,
3(
7,9:<(:0P5e
9(5*0:*6
(=0,9
33,.P
(
6(
,5
‘Ž
*65
?036.9(-K(:b

705;<9(:
@
,:;(;<033(:
+,
3(
09.,5
(9K(e
3
(9;,
9,30.06:6
+,3
(3;6
,5(*040,5;6
@
7905*0706:
+,3
(996*6

v f0.<,3
5.,3b
(-(,3b
36:
<**(96
@
x4C:
;(9+,y
<),5:
@
36:
(9f

9(**0v
=0(1P
769
;6+6
,3
4<5+6
,5
?036.9(-K(:
@
(.<(-<,9;,:e
<K:

9P0:b
<56
+,
36:
40:065,96:
1,:<K;(:
,5
(7P5b
05-694()(
,5
‘”

8<,
:,
5,*,:0;()(5
4C:
+,
‘ŒeŒŒŒ
04C.,5,:
+,=6*065(3,:
7(9(
:<
+0:f
;90)<*0P5
,5;9,
3(
*9,*0,5;,
*64<50+(+
*90:;0(5(b
(N(+0,5+6
8<,
,:(:

04C.,5,:
,9(5
;(5
*6+0*0(+(:
*646
9,.(36:
,5
5+0(
@„ /05(
8<,
<e5

:(*,9+6;,
8<,
,4)(9*(9(
*65
<5
4033(9
+,
,33(:
3(:
/()9K(
+0:;90)<0+6

;6+(:
(5;,:
+,
33,.(9
(
(7P5e
(
:63<*0P5
,9(
465;(9
<5(
r,:*<,3(s

05+K.,5(
+,
705;69,:b
7(9(
36
8<,
:,
,5=0P
(
(7P5
,5
‘”
(3
1,:<K;(

06=(550
0**636b
8<0,5
(*()P
-<5+(5+6
,-,*;0=(4,5;,
,5
(.(:(f

20b
,5
‘•Œb
<5
r,405(906
+,
05;69,:s
,5
,3
8<,b
)(16
:<
+09,**0P5b

36:
/,94(56:
3,.6:
1(765,:,:
*670()(5
,5
.9(5+,:
*(5;0+(+,:
36:

.9()(+6:
,<967,6:
,5
705;<9(:
(3
P3,6
:6)9,
*6)9,b
7(5,3,:
+,
4(+,f
9(b
(*<(9,3(:
@
+0)<16:
(
;05;(b
,?769;(5+6
4<*/(:
+,
,33(:
(
/05(e
(:
04C.,5,:
,9(5
,3,.0+(:
769
:<
,-,*;6
(79670(+6
,5
<5
C4)0;6

7(9;0*<3(9e
5
/05(b
769
,1,4736b
-694()(5
7(9;,
+,
3(
,:;9(;,.0(
40f
:065,9(
+,
(;;,6
0**0
*65
3(
40:4(
04769;(5*0(
8<,
36:
9,361,:b
3(

(:;96564K(
@
36:
4(7(:e
 3
7905*0706
:<:;0;<@,965
3(:
04C.,5,:
+,

3(
(+655(
769
3(:
+,3
*42-0
 3,"'7698<,
36:
*/056:
*65-<5+K(5

(
3(
09.,5
(9K(
*65
<(5@05b
3(
-"&'1224
)<+0:;(
+,
3(
*647(:0P5e

C:
;(9+,b
:05
,4)(9.6b
;(5;6
H3
*646
:<:
:<*,:69,:
(796=,*/(965
,:(

(-050+(+e
646
:<:
*63,.(:
1,:<K;(:
,5
(7P5b
;(4)0H5
,=0;()(5
3(:
,:f
*,5(:
+,
3(
9<*0-0?0P5
@
3(
(:0P5
7698<,
3(
.,5;,
3(:
€4:0+,9()(
/<f
4033(5;,:e
6:
1,:<K;(:
*65;()(5
8<,
3(:
04C.,5,:
:<:*0;()(5
.9(5
,?*0f
;(*0P5
,5;9,
3(
76)3(*0P5e
3
047(*;6
+,3
(9;,
9,79,:,5;(;0=6
,<967,6

,9(
76+,96:6e
<(5+6
,3
,47,9(+69
*/056
(5f 0
409P
,5
’Œ
<5(
 ()/ ) -.
)
*)//* 

705;<9(
(3
P3,6
+,3
*42-0
 3,"'
*65-,**065(+(
769
,3
;(33,9
+,
36:

1,:<K;(:
,5
64(b
,?*3(4Pd
r,:
<5
<+(
=0=0,5;,se
6:
=0:0;(5;,:
+,
3(

9,:0+,5*0(
+,
36:
1,:<K;(:
,5
,0105.
,5
’Œ‘
:,
:,5;K(5
r0479,:065(+6:

769
36:
30)96:
+,
04C.,5,:s
8<,
3,:
,5:,N()(5e
 3
7(9,*,9
7,5:()(5

8<,
r/()K(5
:0+6
,:*<370+6:
@
56
76+K(5
*9,,9
8<,
-<,9(5
705;<9(:se
,

05-694()(
8<,
6;96:
/()K(5
+0*/6
8<,
3(:
705;<9(:
@
.9()(+6:
;,5K(5

<5(
*(30+(+
:6)9,5(;<9(3
7698<,
36:
616:
+,
3(
09.,5
6
+,3
90:;6
7(f
9,*K(5
:,.<0936:
*<(5+6
:,
46=K(5
,5
;6956
:<@6e
(
(*646+(*0P5
(
36:
.<:;6:
36*(3,:
,9(
(3,5;(+(
,5;9,
36:
40:06f
5,96:b
*65=,5*0+6:
+,
8<,
<5
73(5;,(40,5;6
)3(5+6
c2'+-"-
1-4#d
,9(

,3
4,169
46+6
+,
.(5(9:,
*65=,9:065,:
:,.<9(:
(3
*90:;0(50:46e
6:

4,+06:
9,796+<*0+6:
4,*C50*(4,5;,
,5
<967(
,9(5
<5
(N(+0+6
04f
769;(5;,
(
3(
90:;0(5+(+
*(;P30*(
.36)(3e
5
.9()(+6
9,(30A(+6
,5

4),9,:
,5
‘
‘Œ
:09=0P
+,
46+,36
*<(5+6
36:
05+06:
5(/<(:
+,
H?0f
*6
*65-,**065()(5
*65
73<4(:
04C.,5,:
+,
3(
09.,5
+,
3(:
5.<:;0(:e

5
‘
“”
=0(1P
/(:;(
/05(b
=K(
3(:
030705(:b
3(
7904,9(
04(.,5
4,?0*(f
5(
/,*/(
*65
73<4(:b
)(:(+(
,5
<5
.9()(+6
,<967,6
+,
(9K(
(.+(f
3,5(e
(:
‘
04C.,5,:
+,
3(:
4,%>*'!1
)'12-0'#
'+%',#1
x
1 •y
+,

,9P5046
(+(3
,:;()(5
)(:(+(:
,5
<5
*0*36
+,
.9()(+6:
9,(30A(+6:

690.05(34,5;,
,5
64(
(
-05(3,:
+,
3(
+H*(+(
+,
‘
‘Œ
6
7905*0706:
+,
3(

+,
‘’Œe
479,:(:
,5
4),9,:b
0)(5
(
;,5,9
<5
*65:0+,9()3,
,-,*;6
,5

3(:
40:065,:
,5
:0(
@
(;056(4H90*(e
(3
*646
+,*K(
0**0b
r(3
765,9

<5(
04(.,5
(5;,
36:
616:
+,
3(
.,5;,
76+,46:
,?730*(9
36
8<,
8<0AC
56

76+9K(46:
*65
7(3()9(:se
 



 %



  
$! 
   


J

  [2015]

 *0(
+,)0+(
(
3(:
r(<;690+(+,:
,:7090;<(3,:s
x,:;6
,:b
,3
(7(
@
36:
6)0:f

   +,
<;,96e
:(:
(<;690+(+,:
r:,
*64769;(5
*65
9,:7,*;6
(
:<:
9,:765f

    


   
       
(
,-694(
796;,:;(5;,
-<,
<5
*0:4(
9,30.06:6b
*646
,3
8<,
:,
/()K(

+(+6
,5;9,
,3
*90:;0(50:46
6**0+,5;(3
@
,3
69;6+6?6
,5
,3
:0.36
? 0b
:636

8<,
4C:
*65-<:6e
,*65-0.<9P
,3
7(569(4(
4,5;(3
+,
3(
90:;0(5+(+e

(
-,
*6)9P
<5
5<,=6
:0.50-0*(+6e
6:
*65;,4769C5,6:
56
/()K(5
,?f
7,904,5;(+6
5<5*(
5(+(
7(9,*0+6
8<,
3,:
7,940;0,9(
,5;,5+,9
(8<,33(

;9(5:-694(*0P5e
(:
(5;07(;K(:
36*(3,:
(3
(7(9(;6
1<90:+0**065(3
@
(
3(

05-9(,:;9<*;<9(
+,
3(
90:;0(5+(+
/()K(5
*605*0+0+6
*65
:<
:<9.040,5;6

7,96
56
,9(5
5<,=(:e
6:
46=040,5;6:
/,9H;0*6:
v 8<,
,9(5
*646
3(

05-9(,:;9<*;<9(
+,
3(
90:;0(5+(+
79,-,9K(
*(9(*;,90A(9
(8<,33(:
(5;07(f
;K(:v
;(4)0H5
-694()(5
7(9;,
+,3
7(0:(1,
4,+0,=(3
;(9+K6b
(<58<,
:<:

:,.<0+69,:
/()K(5
:0+6
7,9:,.<0+6:
@
(73(:;(+6:
x*65
3(
,?*,7*0P5
+,

36:
/<:0;(:
,5
6/,40(yb
8<,+(5+6
9,+<*0+6:
(
.9<7T:*<36:
4<@
36*(f
30A(+6:e
(
(.,5+(
+,
3(
,-694(
+,
.3,:0(b
,?79,:(+(
,5
,3
46=0f
40,5;6
*65*030(9b
/()K(
*647964,;0+6
+<9(5;,
,3
:0.36
? =
(
3(:
(<;690f
+(+,:
:,*<3(9,:
,<967,(:b
8<,
/()K(5
<;030A(+6
(8<,33(
*<,:;0P5
7(9(

:<:
796706:
7967P:0;6:
763K;0*6:b
7,96
:<
464,5;6
/()K(
33,.(+6
@
:,

/()K(
0+6b
,?*,7;6
,5
,3
4<5+6
(3,4C5e
(
90:;0(5+(+
56
/()K(
:0+6

5<5*(
;(5
69;6+6?(
*646
,5
 ‘ŒŒe
(
9,),30P5
9,30.06:(
+,3
:0.36
?=0
56
79,;,5+K(
+,:;9<09
3(
90:f
;0(5+(+b
:056
;6+6
36
*65;9(906c
:<
7904,9
796;(.650:;(b
(9;K5
<;,96b

7,5:()(
8<,
3(
,:;()(
:(3=(5+6
+,
:<:
,5,40.6:
05;,956:e
<:6
,5

4(9*/(
3(
,-694(
8<,
,3
(7(
@
36:
6)0:76:
/()K(5
,3<+0+6b
(3,1(5+6
„„

*65
,336
3(
09(
+,
06:e
5
‘ŽŒb
;9(:
3,,9
x,5;9,
6;9(:
*6:(:y
3(
+,5<5f
*0(
+,
3(
65(*0P5
+,
65:;(5;056
*646
<5
-9(<+,
769
,3
/<4(50:;(

69,5A6
(33(b
<;,96
8<,+P
*65=,5*0+6
8<,
3(
1,9(98<K(
964(5(
,9(

14 (
;09(5K(e(3
:,9=0*06
+,3
5;0*90:;6e
<0,5,:
+,)K(5
9,:765:()030A(9:,

+,
3(
9,-694(
,9(5
36:
4(@69,:
6):;C*<36:
7(9(
:<
9,(30A(*0P5e
5
4(9f
 '
 ./-0$*)
 

-$./$)
A6
+,
 ‘
ŽŒ
,:*90)0P
:<
;9(;(+6
-,
"#,
%32#,
5#0!)#,,
z6)9,
3(:
)<,5(:

6)9(:{b
8<,
,5
*<(5;6
(3
;656
56
,9(
<5(
9,7904,5+(
(5;07(70:;(
:056

<5(
,?76:0*0P5
+,
3(:
9,:765:()030+(+,:
*90:;0(5(:b
69.(50A(+6
*646

<5
*64,5;(906
+,
36:
0,A
(5+(40,5;6:e
<(5+6
;9(;()(
3(
6),+0,5f
76:yb
56
6):;(5;,b
(7(9,*K(5
3(:
+04,5:065,:
9(+0*(3,:
+,3
7,5:(40,5;6

:()030+(+,:
*646
4(+9,:
8<,
()(5+65(5
(
:<:
/016:
@
*699,5
;9(:
:<:

(4(5;,:se
(:
(<;690+(+,:
,:7090;<(3,:
:65
r,5
;6+6:
36:
(:7,*;6:
4C:

4<5+(5(:s
8<,
3(:
79670(:
(<;690+(+,:
:,*<3(9,:e
9(*;0*(5
36
8<,
+,f
),9K(5
,=0;(9
@
69+,5(5
@
79,:*90),5
*6:(:
*65;9(90(:
(
36:
;9,:
7904,f
96:
4(5+(40,5;6:b
40,5;9(:
8<,
3(
90:;0(5+(+
+,*(,
,5
;6956
:<@6e

5
,:(:
*09*<5:;(5*0(:b
r*<(38<0,9(
8<,
:,(
*(7(A
+,
/(*,936s
+,),9K(

(*<+09
,5
(@<+(
+,
3(
90:;0(5+(+e
,+K(
(
36:
9,@,:b
79K5*07,:
@
56f
)3,:b
8<,
r,5
),5,-0*06
+,
3(
90:;0(5+(+
@
7(9(
,=0;(9
3(
)3(:-,40(
@
3(

+,:.9(*0(
+,3
564)9,
+0=056s
:,
9,:0:;0,9(5
(
3(
r7<;(
,:*(93(;(
+,
(f
)03650(s
x,3
(7(ye
,
/,*/6b
+,*K(b
r,:,
,:
,3
T50*6
*(4056
8<,
56:

8<,+(se
5
1<506
+,
 ‘ŽŒb
*<(5+6
:,
7<)30*P
,:,
;9(;(+6b
3(:
*P5:,*<,5*0(:

+,
3(
*9K;0*(
+,
<;,96
:636
,47,A()(5
(
=0:3<4)9(9:,e
,*3(9(5+6

8<,
36:
7(7(:
76+K(5
,:;(9
,8<0=6*(+6:b
8<,
,3
;,10+6
,*3,:0C:;0*6
,:;(f
)(
,5
4(56:
(1,5(:
@
8<,
36:
*65*0306:
+,
3(
.3,:0(
76+K(5
56
:,9
9,:f
7,;(+6:e
<;,96
,?79,:()(
+P5+,
7,5:()(
8<,
:,
/(33()(5
36:
-<5+(f
4,5;6:
7(9(
3(
(<;690+(+
,5
3(
90:;0(5+(+e
(
7(3()9(
+,
 06:
:,
/()K(

/,*/6
*(95,
,5
,:<*90:;6e
6+6
/()K(
*(4)0(+6
,5
(8<,3
464,5;6

,5
3(
/0:;690(
+,
3(
/<4(50+(+e
90:;6
,9(
3(
T50*(
-<,5;,
+,
(<;690+(+
,5

3(
90:;0(5+(+e
<(5+6
,:,
464,5;6
7(:P
3(:
76:0)030+(+,:
+,
*699<7f
*0P5
(<4,5;(965b
/(*0,5+6
4C:
+0-K*03
9,*<7,9(9
3(
=,9+(+e
,96
3(
7(f
3()9(
+,
06:
:,
/()K(
79,:,9=(+6
,5
3(
:*90;<9(b
(.,5;,
@
*65;,50+6

+,
3(
+0=05(
9,=,3(*0P5e
()K(
7<,:
8<,
05;,979,;(9
3(
:*90;<9(e
<0,5f
8<0,9(
8<,
;<=0,9(
-,
,5
3(
.9(*0(
9,+,5;69(
+,
06:
,5*65;9(9K(
3(
=,9f
+(+
(33K
4(50-,:;(+(e
<,
3(
9,,:*90;<9(
9(+0*(3
769
<;,96
+,
3(
;9(+0f
*0P5
3(
8<,
/0A6
+0-,9,5;,
3(
,-694(
796;,:;(5;,
+,
36:
(5;,9069,:

46=040,5;6:
/,9H;0*6:e
:6
:,
9,*656*0P
,5
&#
11#02'-,
-$2&#
#4#,
!0+#,21
x‘ŽŽyb

,3
;9(;(+6
,:*90;6
769
,3
9,@
5908<,

*646
9,:7<,:;(
(
#R
!.2'V

4'22#
 7*-,'!
#!!*#1'#
+,
<;,96
x‘ŽŒ ye
3
9,@
05.3,:
:,
76:;<3(f
)(
*646
+,-,5:69
+,
3(
90:;0(5+(+e
473,()(
(9.<4,5;6:
)K)30*6:

@
7(;9K:;0*6:
7(9(
4(5;,5,9
36:
:0,;,
:(*9(4,5;6:b
(9.<4,5;(5+6
8<,
 
  

3(
*605*0+,5*0(
+,
;,:;046506:
,5
-(=69
+,
,336:
:636
76+K(
:,9
<5(

4(50-,:;(*0P5
+,3
:7K90;<
(5;6e
(
9,:7<,:;(
+,
<;,96
-<,
9<+(
@

(1<:;(+(e
0
3(
-,
*90:;0(5(
+,7,5+K(
,5
*<(5;6
(
:<
=,9(*0+(+
T50*(f
4,5;,
+,
3(
+<9(*0P5
+,
:<
*9,+0)030+(+b
+,3
(*<,9+6
*64T5
@
+,
3( :

*6:;<4)9,:
+,
36:
/64)9,:b
,5;65*,:
56
+0-,9K(
+,
3(
-,
+,
36:
;<9*6:

6
36:
1<+K6:e
(:
;9(+0*065,:
@
*6:;<4)9,:
56
,9(5
4C:
8<,
/()3(+<f
9K(:
c#,1!&#,
.I!&#dU
3
9,@
5908<,
,9(
*646
<5
(:56
8<,
r/<5+,

:<
*(),A(
,5
,3
:(*6se
3
33(4(40,5;6
+,
<;,96
(
<5(
(:(4)3,(
.,5,9(3
+,
3(
90:;0(5f
+(+
v 9,@,:b
79K5*07,:
@
56)3,:v
,9(
,3
,1,
+,
3(
:,.<5+(
9(AP5
769
3(

8<,
3(
,-694(
796;,:;(5;,
+0-,9K(
+,
(5;,9069,:
46=040,5;6:
9,30.06f
:6:
+0:0+,5;,:e
(
,-694(
+,
<;,96
9,<5K(
4C:
-<,9A(:
763K;0*(:
@

:6*0(3,:
76+,96:(:
,5
(76@6
+,3
*(4)06b
*6(30.(+(:
,5
3(
<967(
.,9f

4(567(93(5;,e
3
46=040,5;6
796;,:;(5;,
,=(5.H30*6
,?;9(K(
-<,9A(:

+,
<5
(*96
47,906
64(56
-9(.4,5;(+6
@
+,
3(
=,*05(
65-,+,9(f
*0P5
,3=H;0*(e
7(9,*0,965
5<,=6:
796;(.650:;(:
v 79,+0*(+69,:b

4(.0:;9(+6:
<9)(56:b
0479,:69,:
@
7<)30*0:;(:b
46=040,5;6:
+,
4 (f
:(:
<9)(56:
@
9<9(3,:v
@
3(
0479,5;(
@
6;9(:
-694(:
+,
+0-<:0P5
/(f
*K(5
8<,
3(
+05C40*(
+,3
46=040,5;6
@
:<:
-<,9A(:
763K;0*(:
@
:6*0(3,:

:<)@(*,5;,:
7(9,*0,9(5
4C:
76+,96:(:
+,
36
8<,
,5
9,(30+(+
,9(5e
(

;,5+,5*0(
(
3(
-9(.4,5;(*0P5
,5
3(
7904,9(
,-694(
796;,:;(5;,
,9(

;(5
:0.50-0*(;0=(
*646
3(:
-<,9A(:
8<,
+,:,5*(+,5P
,5
<5
7904,9
4 6f
4,5;6e
<
:<7,9=0=,5*0(
@
,=63<*0P5
+,7,5+K(
+,
3(:
-<,9A(:
763K;0*(:

(
3(:
8<,
<;,96
(7,3P
,5
 ‘ŽŒe

 
 
  



          
  
:(:
,9(5
3(:
,5;0+(+,:
4C:
*6473,1(:
+,3
4(7(
763K;0*6e
(:;(
:<:

564)9,:
,9(5
6:*<96:e
3
,0*/
,9(
64(56
c +.#0'3+
-+,3+yb

90:;0(56
c +.#0'3+
&0'12',3+y
@
<50=,9:(3
c +.#0'3+
+3,"@dR
40,5f
;9(:
8<,
3(
,?79,:0P5
<:(+(
7(9(
+,:0.5(9
3(
*65-,+,9(*0P5
690.05(3
,5

;6956
(
3(
9,.0P5
+,
*/>@A
1<5;6
(3
3(.6
3!#0,
#0
'% 
4#231
#2
+%V
,
*+,'#
13.#0'-0'1S
4C:
(+,3(5;,
:,
:<4(965
(
,:,
5T*3,6
6;96:

*(5;65,:
@
*64<50+(+,:
8<,
;6+(=K(
9,*656*K(5
,3
:,N69K6
+,3
,47,f
9(+69b
7,96
3(:
79,;,5:065,:
@
(:709(*065,:
+,
36:
():)<9.6
.,5,9(f
965
<5(
(.90(
+0:*69+0(e
3
,47,9(+69
(?04030(56

05;,5;P
(5,?06f
'
 ./-0$*)

'
-$./$)
5(9:,
7(9;,:
+,
3(
=,*05(
<0A(b
7,96
36:
/()0;(5;,:
+,
3(:
9,.065,:
,5

+0:7<;(
*65:;0;<@,965
;9,:
30.(:b
+6:
+,
3(:
*<(3,:
:,
<50,965
(
3(
65f
-,+,9(*0P5
,5
•“
@
•”e
(
4,169
69.(50A(+(
+,
3(:
;9,:
,9(
3(
0.(

90:e
(
(4,5(A(
(5,?0650:;(
+,
36:
():)<9.6b
@
,5
7(9;0*<3(9
3(:
9,f
-694(:
+,3
,47,9(+69
(?04030(56b
+0:7(9(965
,3
*65-30*;6e
6:
*(5f
;65,:
:<0A6:
7,94(5,*K(5
-694(34,5;,
+,5;96
+,3
047,906b
7,96
/(:;(

3(:
*0<+(+,:
-965;,90A(:
*65
;0,99(:
(3,4(5(:
x(:03,(
@
*/(--/(<:,5y

+,1(965
+,
(*<+09
(
3(:
+0,;(:
(
7(9;09
+,
‘
Œb
*65
36
8<,
:,
/0A6
9,(30f
+(+
3(
(<;6564K(
:<0A(c
:<
05+,7,5+,5*0(
8<,+P
-05(34,5;,
9,*656*0f
+(
,5
3(
7(A
+,
,:;-(30(
x’”ye
(
-965;,9(
,5;9,
<0A(
@
,3
047,906
56
,9(
4C:
8<,
<5(
+,
3(:
4<f
*/(:
*6473,10+(+,:
,?0:;,5;,:
7(9(
*<(38<0,9(
8<,
;9(;(9(
+,
79,*0:(9
3(:

-965;,9(:
+,
*<(38<0,9
,5;0+(+e
3
047,906
;,5K(
56405(34,5;,
;9,:
(9;f

*/0*(5*033,9,:
047,90(3,:
x36:
(9A6)0:76:
+,
(.<5*0(b
9H=,90:
@
636f
50(y
8<,
(;,5+K(5
9,:7,*;0=(4,5;,
(
:<:
(:<5;6:
(3,4(5,:b
)69.6N65,:

,
0;(30(56:b
+,
36:
8<,
,5
‘ŒŒ
:636
,3
7904,96
-<5*065()(
,-,*;0=(4,5f
;,e
(:
1<90:+0**065,:
047,90(3,:
,5
,3
569;,
+,
;(30(
,9(5
*6:(
+,3
7(:(f
+6b
@
3(:
)69.6N65(:
/()K(5
8<,+(+6
():69)0+(:
,5
36:
+640506:
;,990f
;690(3,:
+,
36:
():)<9.6
6
36:
(360:
6b
*646
,5
36:
(K:,:
(16:b
:,

/()K(5
*65=,9;0+6
,5
(:<5;6:
7,90-H90*6:e
5*3<:6
,5
,3
569;,
@
,3
,:;,
+,

3,4(50(b
+65+,
,:;()(5
4C:
*3(9(:
3(:
-965;,9(:
+,3
047,906b
3(:
*6:(:

56
,9(5
():63<;(4,5;,
,=0+,5;,:e
64,9(50(b
9(5+,5)<9.6
@
03,:0(

,9(5
;,990;6906:
,5-,<+(+6:
(3
,47,9(+69b
40,5;9(:
8<,
3(:
;0,99(:
+,
3(

=0,1(
69+,5
*9<A(+(
+,
36:
()(33,96:
,<;P50*6:
56
36
,9(5c
7,96
*<(5f
+6
36:
;,990;6906:
+,
3(
9(4(
79<:0(5(
+,
3(
69+,5
-<,965
:,*<3(90A(+6:

,5
‘Ž‘b
=63=0,965
(
4(56:
+,3
9(5
(,:;9,
6/,5A633,95
+,
3(
69f
+,5c
(:K
7<,:b
9<:0(
:636
-694()(
7(9;,
+,3
047,906
,5
=09;<+
+,3
3(A6

7,9:65(3
*65
36:
6/,5A633,95
+,
9(5+,5)<9.6e
 3
:<9
+,
9(5+,5)<9.6
8<,+()(5
36:
;,990;6906:
+,3
9,056
+,
6f
/,40(
x05*3<0+6:
,3
+<*(+6
+,
03,:0(
@
36:
4(9.9(=(;6:
+,
69(=0(
@

<:(*0(ye
:(:
;0,99(:
-<,965
/,9,+(+(:
769
36:
():)<9.6
,5
‘Ž’

7,96
:<
,:;(;<:
,5
,3
047,906
,9(
7,*<30(9e
6/,40(
,9(
,3
T50*6
9,056

8<,
,?0:;K(
*646
,5;0+(+
:<)69+05(+(
+,5;96
+,3
047,906e
3
9,@
+,

6/,40(
,9(
<56
+,
36:
,3,*;69,:
047,90(3,:b
769
36
8<,
:<:
;0,99(:
,:f
;()(5
,?,5;(:
+,
3(
1<90:+0**0P5
047,90(3b
7,96
*646
9,@
56
7(9;0*07()(

+09,*;(4,5;,
,5
3(:
+,30),9(*065,:
+,3
63,.06
3,*;69(3
ej 6:
)6/,f
406:
05:0:;K(5
,5
8<,
3(
:<@(
,9(
<5(
465(98<K(
,3,*;0=(b
,
05*3<:6

*<(5+6
,3
/,94(56
+,
(936:
b
,95(5+6
b
/,9,+P
,3
9,056
,5
‘Ž’

;9(:
3(
4<,9;,
+,
<0:

,5
3(
)(;(33(
+,
6/C*:b
3(
0,;(
)6/,40(
7(:P

'
$.( 
769
3(
-694(30+(+
+,
r,3,.0936sb
9,4(9*(5+6
(:K
:<
:,40f05+,7,5+,5f

*0(
*65
9,:7,*;6
(3
047,906e
(:
-965;,9(:
+,
3(
65-,+,9(*0P5
,3=H;0*(
,:;()(5
+,-050+(:
769

3(:
+,
3(:
*64<50+(+,:
(<;6.6),95(+(:
8<,
3(
*64765K(5b
0.<(3,:
,5f
;9,
:K
T50*(4,5;,
,5
:<
05+,7,5+,5*0(
+,
6;96:
79K5*07,:
@
.6),95(5f
;,:e
:;()(5
4C:
:64,;0+(:
(3
*(4)06
,5
36:
+6:
*(5;65,:
,?;,9069,:
+,

T90*/
(3
,:;,
@
,95(
(3
6,:;,e
3
+,
T90*/
56
,9(
.9(5+,
x(39,+,+69

+,
“eŒŒŒ
/()0;(5;,:
,5
‘ŽŒye
<
*(9;(
4<50*07(3
+,
•”
36
+,*3(9()(

,5;0+(+
(<;6.6),95(+(b
*65
<5
65:,16
*647<,:;6
769
9,79,:,5;(5f
;,:
+,
3(
*0<+(+
@
:<
*64(9*(
9<9(3
*09*<5+(5;,b
8<,
(*;<()(
*646
05:f
;9<4,5;6
+07364C;0*6
@
763K;0*6
+,
3(
65-,+,9(*0P5
,5
;0,99(:
(3,4(f
5(:b
:0;<(5+6
6):,9=(+69,:
,5
3(:
*0<+(+,:
+,3
:<9
+,
3,4(50(
8<,

76+K(5
:,5;09:,
05*305(+(:
(
<509:,
(
,33(b
@
(*69+(5+6
+,
4(3(
.(5(

*65
,95(
x769
,1,4736b
,5
0 € 0P @
 ‘ Ž  y
;9(;(+6:
8<,
796769*065(9K(5

-<,9A(:
4,9*,5(90(:
(
3(
465(98<K(
-9(5*,:(e
,95(
56
,9(
4<*/6
4(f
@69
8<,
T90*/b
7,96
:<
*(9;(
4<50*07(3
,9(
4,56:
7(9;0*07(;0=(e
<:

630.(9*(:
+0:-9<;()(5
+,
3(
796;,**0P5
465C98<0*(
-9(5*,:(
@
,:7,9(f
)(5
6);,5,9
),5,-0*06:
+,
,336
(:,.<9(5+6
,3
+640506
+,
:<:
=,*056:

,5
;6956
(3
3(.6
+,
05,)9(e
5
‘’
05*69769(965
(<+b
/6565
@

,40,9b
+,1(5+6
(
05,)9(
*646
*0<+(+
05+,7,5+0,5;,e
0
36:
:<0A6:
50
,3
047,906
;,5K(5
<5(
*65:;0;<*0P5
,:*90;(e
6:
;9,f
*,
40,4)96:
+,
73,56
+,9,*/6
+,
3(
65-,+,9(*0P5
,3=H;0*(
+0:*<f
;K(5
3(:
*<,:;065,:
+,
04769;(5*0(
*64T5
,5
<5(
0,;(b
-696
04769;(5f
;,
7(9(
3(
+0:*<:0P5
*<(5+6b
7904,96
3(
*<,:;0P5
+,
36:
4,9*,5(906:b
@

4C:
(+,3(5;,
3(
,-694(b
(4,5(A()(5
*65;+,:*6@<5;(9
3(
65-,+,9(f
*0P5e
3
047,906
,9(
<5(
465(98<K(
,3,*;0=(
@
36:
*(5+0+(;6:
(3
;9656

047,90(3
,9(5
,3,.0+6:
769
36:
:0,;,
9(5+,:
3,*;69,:e
,
:<765K(
8<,

,3
,47,9(+69
4(5;,5+9K(
+0,;(:
6
9,<5065,:
9,.<3(9,:
*65
36:
9,79,f
:,5;(5;,:
+,
36:
;,990;6906:
.,94(56:b
*65=6*(+6:
769
,3
,47,9(+69

x*65
7,940:6
+,
36:
,3,*;69,:yb
:0.<0,5+6
<5
(*<,9+6
+,
•‘
*656*0f
+6
*646
+,
3(
r(A
,97,;<(se
6:
5T4,96:
-3<*;<()(5b
7,96
/()K(
(39,+,+69
+,
=,05;0*05*6
7905f
*07(+6:
:,*<3(9,:
04769;(5;,:b
<56:
56=,5;(
(9A6)0:7(+6:b
6)0:7(+6:

@
()(+K(:
@
4C:
+,
<5
*,5;,5(9
+,
*65+(+6:
9,79,:,5;(+6:
,5
3(
:,.<5f
+(
*C4(9(e
(
.9(5
9,79,:,5;(*0P5
*3,90*(3
9,-3,1()(
,3
/,*/6
+,
8<,

(39,+,+69
+,3
’
769
ŒŒ
+,3
047,906
,:;()(
.6),95(+6
769
79K5*07,:f

6)0:76:
@
(9A6)0:76:
*<@(:
+0P*,:0:
:,
,?;,5+K(5
(T5
4C:
3,16:
8<,
:<:

7905*07(+6:b
*9,(5+6
+0:7<;(:
*65
3(:
1<90:+0**065,:
=,*05(:e
(
;,9*,f
9(
*C4(9(
9,<5K(
(
36:
9,79,:,5;(5;,:
+,
(39,+,+69
+,
:,:,5;(
@
*05*6
 '
 ./-0$q)

'
-$./$)
*0<+(+,:
047,90(3,:b
8<,
=(90()(5
,5
;(4(N6
+,:+,
3(:
4(@69,:
x636f
50(y
(
3(:
+0405<;(:
x052,3:)U/3b
4,56:
+,
‘eŒŒŒ
/()0;(5;,:ye
(*0(

‘ŒŒb
3(:
9,.3(:
+,
-<5*065(40,5;6
+,
3(
0,;7
:,
/()K(5
,:;(5+(90A(+6b

<9(5;,
3(
:,:0P5
05(<.<9(3
:,
3,K(
3(
r7967<,:;(s
047,90(3
8<,
*65:;0f
;<K(
3(
(.,5+(
7(9(
3(
(:(4)3,(e
6:
,:;(4,5;6:
:,
9,<5K(5
(
*65;05<(f
*0P5
769
:,7(9(+6
@
:0
33,.()(5
(
<5(
9,*64,5+(*0P5
*651<5;(b
,:;(
,9(

;9(5:40;0+(
(3
,47,9(+69e
<(5+6
3(
9,<50P5
+,
3(
0,;(
/()K(
(*()(f
+6b
:<:
*65*3<:065,:
x@
,3
*65:,5;040,5;6
+(+6
(
,33(:
769
,3
,47,9(f
+69y
,9(5
7<)30*(+(:
*646
<5
#'!&1 1!&'#"
z796)(*0P5{b
*65=,9;0f
+6
,5
3,@
047,90(3e
(4)0H5
;,5K(5
+,9,*/6
(
,:;(9
9,79,:,5;(+6:
,5

3(:
+0,;(:
36:
*()(33,96:
047,90(3,:
j#'!&1C22#0jR
*65*,5;9(+6:
7905*0f
7(34,5;,
,5
<()0(b
9(5*650(
@
,3
(3;6
@
4,+06
05
@
8<,
+,7,5+K(5

+09,*;(4,5;,
+,3
,47,9(+69b
796769*065C5+63,
<5
*65;9(7,:6
-9,5;,
(

36:
.9(5+,:
7905*07(+6:e
(
7905*07(3
+0-,9,5*0(
,5;9,
,3
,0*/
x 47,906y
@
3(
65-,+,9(f
*0P5
,3=H;0*(
,9(
,3
4(9*6
1<9K+0*6b
+,:(99633(+6
9,*0,5;,4,5;,
*646

*65:,*<,5*0(
+,
3(
9,-694(
047,90(3
(
-05(3,:
+,3
:0.36
? =
*646
7(9;,

+,
<5(
+05C40*(
4C:
(4730(
8<,
+,-05K(
3(
9,3(*0P5
*65
,3
,47,9(+69
+,

36:
,3,4,5;6:
*65:;0;<@,5;,:
+,3
047,906
@
8<,
+06
-9<;6
,5
3(:
+0,;(:

+,
694:
@
<.:)<9.6b
*65=09;0H5+6:,
,5
<5
*<,976
4C:
04769;(5;,

@
9,*656*0+6e
,
,:;()3,*0P
<5
90)<5(3
+,
3(
C4(9(
047,90(3b
05+,f
7,5+0,5;,
+,3
,47,9(+69
@
+,
:<
*69;,e
<58<,
,3
,47,9(+69
;,5K(
+,f
9,*/6
(
564)9(9
(3
<,A
9,:0+,5;,b
36:
,:;(4,5;6:
564)9()(5
(
36:e

1<,*,:
69+05(906:e
:,
;90)<5(3
(:<40P
36
8<,
/(:;(
,5;65*,:
,9(5
79,f
996.(;0=(:
047,90(3,:b
05=6*(5+6
,3
+,:,6
+,
4(5;,5,9
3(
7(A
@
3(
1<:;0f
*0(
@
+,
9,:63=,9
3(:
+0:7<;(:
,5;9,
36:
=(:(336:
+,3
,47,9(+69e
<,+()(b

0473K*0;(4,5;,
9,*656*0+6
8<,
,3
,47,9(+69
76+K(b
,5
*09*<5:;(5*0(:b

,?;9(69+05(90(:b
9,=6*(9
3,@,:
6
790=(9
(
3(:
*69769(*065,:
+,
:<:
790=0f
3,.06:b
/(*0,5+6
<:6
+,
:<:
73,56:
76+,9,:b
7,96
,5;9,
36:
1<90:;(:
8<,

(:,:69()(5
(
3(:
*0<+(+,:
@
79K5*07,:
;,990;690(3,:
(3,4(5,:
79,=(3,*K(

3(
67050P5
+,
8<,
,:;()(
:64,;0+6
;(5;6
(
3(
3,@
5(;<9(3
*646
(
3(
+0=0f
5(b
@
+,
8<,
+,)K(
796*<9(9
,3
)0,5
*64T5e
5
*09*<5:;(5*0(:
69+05(f
90(:b
:<
r7,9:65(
7T)30*(s
*646
1<,A
:<79,46
+,3
047,906
/()K(
:0+6

*,+0+(
(3
;90)<5(3
047,90(3b
8<,
79646=K(
,3
+,9,*/6
964(56
*646

)(:,
7(9(
3(:
79C*;0*(:
3,.(3,:
+,3
047,906e
5
‘ŒŒ
:,
,:;()3,*0P
;(4f
)0H5
<5(
,:;9<*;<9(
9,.065(3
7(9(
765,9
,5
=0.69
3(:
+,*0€165,:
+,3
;90f
)<5(3
047,90(3
@
3(:
+0,;(:b
(
;9(=H:
+,
3(
05:;0;<*0P5
+,
:,0:
K9*<36:

x(.9<7(40,5;6:
;,990;690(3,:
9,.065(3,:ye
(
,3,**0P5
+,
(936:

,5
 ‘  •
:,5;P
6;96
79,*,+,5;,e
646
9,f
 
  
‘•
:<3;(+6
+,
3(:
5,.6*0(*065,:
8<,
79,*,+0,965
:<
,3,**0P5b
(*69+P
<5(

*(70;<3(*0P5
*65
36:
,3,*;69,:b
769
3(
8<,
:<:
79,996.(;0=(:
:,9K(5
,1,9f
*0+(:
T50*(4,5;,
*65
,3
*65:,5;040,5;6
+,
,:;6:
@
3(:
+0,;(:e
65-09f
4P
36:
+,9,*/6:
+,
36:
,3,*;69,:
+<9(5;,
36:
05;,99,.56:
@
3(:
(<:,5*0(:

047,90(3,:c
7964,;0P
9,:7,;(9
36:
+,9,*/6:
@
+0.50+(+,:
+,
;6+6:
@
/(f
*,9
9,:7,;(9
36:
;H94056:
+,
3(
(A
,97,;<(
,5
,3
047,906e
6:
;9(;(+6:

*65
76;,5*0(:
,?;9(51,9(:
+,7,5+,9K(5
+,3
*65:,5;040,5;6
+,
36:
,3,*f
;69,:e
(4)0H5
7964,;0P
=0=09
,5
3,4(50(b
564)9(9
T50*(4,5;,
(3,f
4(5,:
7(9(
:,9=09
(3
047,906
@
56
*65=6*(9
5<5*(
<5(
0,;(
,5
<5
3<f
.(9
8<,
56
-694(9(
7(9;,
+,3
,0*/e
,
*647964,;0P
(:040:46
(

5,.6*0(9
*65
64(
7(9(
9,+<*09
36:
;90)<;6:
,*3,:0C:;0*6:
7(.(+6:
769

36:
(3,4(5,:b
@
,:;()3,*,9
<5
5<,=6
*65:,16
+,
.6)0,956
047,90(3
(

;9(=H:
+,3
*<(3
:,
+,)K(5
05;96+<*09
5<,=(:
9,-694(:
,5
,3
,0*/e
:(:

7964,:(:b
8<,
:,9K(5
*65;963(+(:
769
36:
,3,*;69,:
@
3(:
+0,;(:b
:,
*65f
=09;0,965
,5
<5
79,*,+,5;,e
6+6:
36:
,47,9(+69,:
:<):0.<0,5;,:
;<f
=0,965
8<,
:<:*90)09
+6*<4,5;6:
:0403(9,:e
3
+,
(936:

:,
*65=09;0P

,5
<5(
9,:;90**0P5
4C:
x(+,4C:
+,
:<:
796365.(+(:
(<:,5*0(:
+,
;0,99(:

(3,4(5(:yb
*<(5+6
;<=6
8<,
(-965;(9
,3
*0:4(
796;,:;(5;,e
:K
7<,:b
(
+0-,9,5*0(
+,
<0A(b
,3
,0*/
(3,4C5
,9(
<5(
,5;0+(+

763K;0*(
@
1<9K+0*(4,5;,
4(+<9(b
@
:636
,5
,33(
:,
,5;9,4,A*3()(5
3(:

9,-694(:
+,
3(
.3,:0(
@
+,3
47,906e
(
#$-0+"-
'%'1+3,"'
,9(
,3

+6*<4,5;6
4C:
767<3(9
(
,:,
9,:7,*;6e
,+(*;(+6
,5
(:03,(b
796)(f
)3,4,5;,
,5
•b
-<,
9,0479,:6
5<,=,
=,*,:
(5;,:
+,
‘ŽŽ
,
04(.05(f
)(
<5
9,@f:(*,9+6;,
33(4(+6
,+,90*6
8<,
9,(30A(9K(
<5(
9,-694(
,5
3(

8<,
,3
7<,)36
+,
/()3(
r(3,4(5(s
=,5*,9K(
(
:<:
679,:69,:
@
+,996;(9K(

(
36:
r3(;056:s
@
:<:
:<;03,:
796*,+040,5;6:e
(+6
8<,
3(
9,-694(
,*3,f
:0C:;0*(
@
3(
047,90(3
:,
<5K(5
(
3(
+05C40*(
,5
3(
8<,
36:
+0:;05;6:
,3,f
4,5;6:
+,3
047,906
,:;()(5
+,-050,5+6
:<:
9,3(*065,:
*65
,3
,47,9(f
+69b
,3
33(4(40,5;6
+,
<;,96
,5
-(=69
+,
<5(
9,-694(
;<=6
(33K
<5(

9,:65(5*0(
7(9;0*<3(9e
6:
79K5*07,:b
(<5
56
:0,5+6
:<:
05:;0.(+69,:b
-<,965
36:
7905*07(f
3,:
),5,-0*0(906:
+,
3(
,-694(e
(
,=63<*0P5
+,3
047,906
3,:
7,940;K(

79,:,5;(9:,
*646
3,.0:3(+69,:
790469+0(3,:
@
4(5;,5,+69,:
+,
3(
7(Ae

69
6;9(
7(9;,b
,3
5T4,96
+,
*65+,:
(3,4(5,:
0)(
+0:405<@,5+6
.9(f
+<(34,5;,
40,5;9(:
8<,
<5
7,8<,N6
.9<76
+,
+05(:;K(:
+,
3(
(3;(
56)3,f
A(
<5K(5
:<:
;0,99(:
@
;K;<36:
4,+0(5;,
3(
/,9,5*0(
@
3(
(+8<0:0*0P5b
(996f
.C5+6:,
76+,9,:
+,
79K5*07,:e
5
,1,4736
*3C:0*6
,:
,3
+,3
3(5+.9(=,
+,

,::,e
5
‘”
,307,
+,
,::,b
,5;65*,:
*65
*(;69*,
(N6:b
796*3(4P
:<

+,9,*/6
(
.6),95(9
<5(
:,90,
+,
*65+(+6:
(5;,:
:,7(9(+6:
x (;A,5,35f
,/) '
 ./-0$q)

'
-$./$)
)6.,5b
0,.,5/(05
@
6;96:y
1<5;6
*65
36:
3(5+.9(=(;6:
+,
,::,
x3;6
@

(16y
7(9(
*65:;0;<09
<5
5<,=6
7905*07(+6
*651<5;6e
5
,:,
796*,:6

*65;P
*65
3(
(@<+(
+,
.9<76:
36*(3,:
@
9,.065(3,:
+,
56)3,:b
*0<+(+,:
@

*69769(*065,:
,*3,:0C:;0*(:b
(:K
*646
.9<76:
+05C:;0*6:
05;,9,:(+6:
,5

3040;(9
3(:
76:0)030+(+,:
+,
+0:7,9:0P5
+,
:<:
;0,99(:
@
;K;<36:e
6:
79K5*0f
7,:
(3,4(5,:
*64,5A(965
(
05;96+<*09
,5
:<:
+640506:
;90)<5(3,:
+,

(7,3(*0P5b
9,-69A(5+6
(:K
:<
:,5:(*0P5
+,
+,1(9
+,
:,9
:0473,:
=(:(336:

+,3
047,906
7(9(
*65=,9;09:,
,5
.6),95(5;,:
+,
7(9;,:
+,
H3b
,5
=09;<+

+,
:<
79C*;0*(
763K;0*(
,4,9.,5;,
@
(+(7;C5+6:,
(
,33(e
(
(5;,:
+,
3(
,-694(
796;,:;(5;,b
36:
79K5*07,:
@
*0<+(+,:
047,f
90(3,:
05;,5;(965
9,-69A(9
:<
*65;963
:6)9,
36:
465(:;,906:
@
+0P*,:0:

+,5;96
+,
:<:
,:-,9(:
+,
05-3<,5*0(e
(4)0H5
,5
<0A(
3(
*0<+(+
*(5;6f
5(3
+,
T90*/
,3,.K(
(3
*3,96b
79646=K(
3(
9,-694(
+,
36:
465(:;,906:b

*65;963()(
36
8<,
36:
3(0*6:
+()(5
(
3(
.3,:0(b
@
(796=,*/()(
:<
7(;96f
*0506
+,
36:
:,9465,:
+,
+=0,5;6
@
<(9,:4(
7(9(
*65;963(9
8<0H5

79,+0*()(
8<He
6:
79K5*07,:
+,:(-0()(5
0.<(34,5;,
3(
(<;690+(+
,70:f
*67(3
@
7(7(3
,5
:<:
;0,99(:e
3
+<8<,
69.,
+,
3(
(1650(
3),9;05(b
769

,1,4736b
79,:065P
(3
*3,96
+,
3(
+0P*,:0:
+,
,0::,5
7(9(
8<,
:,
:64,f
;0,9(
(
:<
05-3<,5*0He
3
4(9.9(=,
3),9;6
8<03,:
+,
9(5+,5)<9.*

/0A6
=(3,9
:<
+,9,*/6
(
*6)9(9
047<,:;6:
(
3(:
+0P*,:0:
+,
:<:
+640f
506:e
3
3(5+.9(=,
,307,
+,
,::,
05;,5;P
,30405(9
36:
9,:;6:
+,
(<;6f
90+(+
1<90:+0**065(3
+,3
(9A6)0:7(+6
+,
(.<5*0(
,5
:<:
;0,99(:e
5
3(

0,;(
+,
 ‘  
36:
79K5*07,:
(3,4(5,:
:,
(30(965
*65
,3
9,@
-9(5*H:
<0:


7(9(
9,*3(4(9
3(
9,-694(
+,
3(
.3,:0(e
5
*<(5;6
(3
,47,9(+69b

8<,
;9(;()(
+,
5,<;9(30A(9
3(:
*9K;0*(:b
:,
7<:6
(
3(
*(),A(
+,3
796@,*;6

+,
9,-694(b
;(5;6
,5
3(
.3,:0(
*646
,5
,3
47,90Oe
5
3(
0,;(
+,
<.:f

)<9.6
+,
 ‘  ”
,3
,47,9(+69
(?04030(56

,5*(),AP
3(
676:0*0P5
(

3(
79,;,5:0P5
+,
64(
+,
.9(=(9
<5
047<,:;6
047,90(3
7(9(
-05(5*0(9
3(

.<,99(
,5
<5.9K(
*65;9(
36:
05-0,3,:b
(9.<4,5;(5+6
8<,
56
:,
76+9K(

+,*0+09
/(:;(
8<,
:,
/<)0,9(
,479,5+0+6
,5
:,906
3(
9,-694(
+,
3(
.3,f
:0(e
:;(
,9(
7<,:
<5(
*<,:;0P5
4<@
=0=(
,5
3(
763K;0*(
(3,4(5(
(5;,:
+,

8<,
<;,96
,5;9(9(
,5
,:*,5(e

   
   
 

    
(
,?7,90,5*0(
9,30.06:(
,9(
,:,5*0(3
7(9(
3(
*6/,9,5*0(
=0;(3
+,
3(
90:f
;0(5+(+b
7,96
56
/(@
5(+(
4C:
+0-K*03
8<,
+,:*<)909
36
8<,
3(
.,5;,
 '
$.( ’
7,5:()(
9,(34,5;,
+,
3(
9,30.0P5e
(
+,
36:
3(0*6:
,9(
4<@
+0-,9,5;,

:,.T5
-<,9(5
05:;9<0+6:
6
56e
(3,:
+0-,9,5*0(:
,9(5
9,*656*0+(:
,5
36:

+,)(;,:
+,
3(
H76*(
x05;,5:0-0*(+6:
769
3(
,-694(y
:6)9,
3(
:<7,9:;0f
*0P5
@
3(
4(.0(e
(:
79,6*<7(*065,:
+,
36:
3(0*6:
,:;()(5
05-3<0+(:
@
:,

:63(7()(5
*65
3(:
+,
36:
*3H90.6:b
7,96
56
*605*0+K(5
*65
,33(:e
:;6:

T3;046:
*65:;0;<K(5
<5
,:;(4,5;6
<
69+,5
796706
,5
3(
:6*0,+(+b
<56:

xr9,.<3(9,:sy
,5
3(:
*64<50+(+,:
465C:;0*(:
@
6;96:
xr:,*<3(9,:sy

4(5;,50,5+6
3(
=0+(
7(9968<0(3
@
+06*,:(5(
+,
3(
.3,:0(e
(:
79<,)(:

,5
*<(5;6
(
36
8<,
3(
.,5;,
*9,K(
:65
;(5
(4)0.<(:
*646
3(:
*(;,.69K(:

(5(3K;0*(:
xr767<3(9sb
r,30;,sb
r:<7,9:;0*0P5sb
r4(.0(sb
r:(5;6sb
r-,seeeye

<(5+6
36:
-9(5*0:*(56:
050*0(965
:<
6)9(
40:065,9(
,5
,3
<,=6

<5+6
,5
,3
:0.36
?=0b
3(
+0:;(5*0(
,5;9,
:<
,?7,90,5*0(
9,30.06:(
@
3(
+,

36:
(4,905+06:
,9(
054,5:(b
7,96
56
:,
7<,+,
+,*09
36
40:46
*65
9,:f
7,*;6
(
<967(
,5
=K:7,9(:
+,
3(
,-694(
,5
*<(5;6
(
3(
8<,
:,7(9()(
(

3(
.,5;,
(5(3-(),;(
@
3(
05:;9<0+(b
6
(
36:
3(0*6:
@
36:
*3H90.6:e
(
<96f
7(
*90:;0(5(
:,
/()K(
*65:;9<0+6
+<9(5;,
:0.36:
:6)9,
3(
)(:,
+,
<5(
05f
;,9(**0P5
,5;9,
:<:
,30;,:
@
,3
9,:;6e
:(
05;,9(**0P5
:,
05;,5:0-0*P
769
3(

7(3()9(
0479,:(b
:0,5+6
4<@
*65:0+,9()3,
3(
=(90,+(+
@
+,5:0+(+
+,

,?7,90,5*0(:
9,30.06:(:
,5
=K:7,9(:
+,
3(
,-694(
796;,:;(5;,e
(
.,5;,
05:;9<0+(
+,
3(
H76*(
,9(
4<@
*65:*0,5;,
+,
,336e
5
 ‘  “

5;6506
+,
,(;0:b
*(7,33C5
@
(4(5<,5:,
+,
<5
*(9+,5(3
0;(30(56b
3,

(*647(NP
,5
<5(
=0:0;(
(3
569;,
+,
36:
37,:e
 3
33,.(9
(
63650(
(+40f
9P
3(
r*(5;0+(+
05-050;(s
+,
9,30*(906:
,5
3(
r.9(5
@
/,946:(
*(;,+9(3sb

(:K
*646
3(
*63,**0P5
T50*(
+,
*(3(=,9(:
,5
3(
0.3,:0(
+,
(5;(
'9:<3(b

-,308<0(:
+,
3(:
eŒ Œ Œ
=K9.,5,:e
5
,3
*69(
+,3
465(:;,906
-9(5*0:*(56

=,5,9P
36:
9,:;6:
+,3
-03P:6-6
4,+0,=(3
<(5
<5:
*6;6b
40,5;9(:
8<,

,5
,3
+,
3(
69+,5
=,*05(
@
90=(3
+,
36:
+64050*6:
409P
(
;9(=H:
+,
3(

73(*(
+,
=0+906
:0;<(+(
)(16
,3
(3;(9
4(@69
7(9(
=,9
,3
*<,976
+,3
(5;(f
.650:;(
+,
*6;6b
3),9;6
(.56b
@
3,
46:;9(965
3(
*C;,+9(
+,:+,
3(
8<,

,:;,
/()K(
,5:,N(+6e
5
<5(
+,
3(:
*6305(:
+,
3(
*0<+(+
=0:0;P
<5
46f
5(:;,906
+,
4651(:
+,:*<)90,5+6
8<,b
(<58<,
*64K(5
@
+694K(5
,5
,3

*65=,5;6b
+<9(5;,
,3
+K(
7(:,()(5
769
3(:
*(33,:
,5
7(9,1(:e
,(;0:
*64f
7(9()(
36
8<,
=,K(
*65
36
8<,
*656*K(
+,
:<
5(;0=(
;(30(b
@
*64,5;()(

k8<,
r+,+0*(5
;(5;(
(;,5*0P5
(
3(
(+69(*0P5
+0=05(
@
:<:
0.3,:0(:b
@
*65:f
;9<@,5
;(5;(:
5<,=(:b
8<,
*<(5+6
70,5:6
,5
3(
:0;<(*0P5
+,
3(
9,30.0P5

8<,
:,
+(
,5
;(30(
zeee{
:0,5;6
4<*/(
,5=0+0(
+,
,:;(
9,.0P5
@
4,
+<,3,

,5
,3
*69(AP5
3(
,:*(:(
+,=6*0P5
8<,
4(5;,5,46:
36:
0;(30(56:se

,(;0:
3,
7(9,*K(
8<,
36
8<,
,9(
r:(.9(+6s
,5
3,4(50(
56
,9(
36

r40:46
8<,
,5
:<
5(;0=(
C763,:e
:(
+0-,9,5*0(
(7(9,*,
;(4)0H5
,5
,/+ '
 ./-0$q)

'
-$./$)
6;96:
;,:;046506:e
(:
+0:76:0*065,:
;,:;(4,5;(90(:
9,*6.,5
36
8<,
3(

.,5;,
+,*0+0,9(
3,.(9
+,
:<:
79670,+(+,:
*646
/,9,5*0(
70(+6:(e
3(f
4(
3(
(;,5*0P5
3(
()<5+(5*0(
+,
04C.,5,:€
705;<9(:b
70,A(:
+,
(3;(9
@

.9()(+6:
+<9(5;,
,3
7,9K6+6
(5;,9069
(
3(
,-694(e
,
:(),
)(:;(5;,

:6)9,
3(
767<3(90+(+
+,
36:
:(5;<(906:
9,30.06:6:
@
3(
04769;(5*0(
+,

(:

7,9,.905(*065,:e
6:
/0:;690(+69,:
7<,+,5
+,*09
4<*/6
:6)9,
,3
:0.50f
-0*(+6
+,
3(
9,30.0P5
*646
4(9*6
@
7(<;(
+,
3(
=0+(
+,
3(
.,5;,b
7,96
3(

=(90,+(+
+,
36
8<,
,9(
*65:0+,9(+6
:(.9(+6
/(*,
+0-K*03
,=(3<(9
8<H
,:

36
8<,
:0.50-0*()(
3(
9,30.0P5
,5
=K:7,9(:
+,
3(
,-694(e
(
.,5;,
*6479()(
30;,9(;<9(
9,30.06:(
,5
.9(5+,:
*(5;0+(+,:e
 3
05f
=,5;(906
+,
<5
30)9,96
+,
40,5:
,5
‘Œ•
6-9,*,
*0,9;(
0+,(
+,
36
8<,
,9(

767<3(9e
5*3<K(

;K;<36:
+0-,9,5;,:
@
eŽŒ
=63T4,5,:b
+,
36:
8<,

3(:
6)9(:
9,30.06:(:
*65:;0;<K(5
<5(
()9<4(+69(
4(@69K(e
5;9,
36:
4C:

5<4,96:6:
/()K(
4(5<(3,:
7(9(
(@<+(9
,5
3(:
73,.(90(:
+64H:;0*(:d
*(:0

”ŒŒ
*670(:
+,3
0)96
+,
3(:
69(:b
05*3<0+(:
ŒŒ
*65
.9(5+,:
3,;9(:
7(9(

36:
50N6:e
(4)0H5
/()K(
:(3;,906:
x,+0*065,:
+,
36:
(3156:yb
30)96:
+,

40:(
@
76:;033(:
x*64,5;(906:
:6)9,
3(
3,*;<9(
+,
3(
0)30(b
+6405.6
(

+6405.6yb
30)96:
+,
05:;9<**0P5
9,30.06:(
x36:
(5;,*,+,5;,:
+,
36:
*(;,f
*0:46:yb
-633,;6:
8<,
,?765K(5
36:
0,A
,"+'#,2-1b
3(:
=09;<+,:
+,

36:
:(*9(4,5;6:b
,;*e
05(34,5;,b
/()K(
=63T4,5,:
+,+0*(+6:
(
3(:
= 0f
+(:
+,
36:
:(5;6:b
:0,5+6
,3
4C:
767<3(9
3(
#%#,"
30#
+,
(*6)6
+,33(

69C.05,e
,96
,:(:
79<,)(:
:636
05+0*(5
36
8<,
:,
,:7,9()(
8<,
3,@,9(

3(
.,5;,
x05:;9<0+(yb
@
36
8<,
:,
=,5+K(e
<*/6:
+,
36:
30)96:
,5
36:
,:f
;(5;,:
+,
40,5:
,:;()(5
,5
3(;K5e
(3
30;,9(;<9(
56
56:
+0*,
*P46
,5f
;,5+K(5
36:
3,*;69,:
36
8<,
3,K(5b
50
*P46
36
05;,.9()(5
,5
:<
79670(
,?f
7,90,5*0(e
(
70,A(
)C:0*(
+,
3(
.3,:0(
,9(
3(
7(9968<0(e
(:
/()K(
(
;6+6
36

3(9.6
@
36
(5*/6
+,
3(
90:;0(5+(+
6**0+,5;(3e
33K
,9(
+65+,
3(
.9(5

4(@69K(
+,
3(
76)3(*0P5
(:0:;K(
(
40:(b
9,(30A()(
:<:
6-9,5+(:b
:,
*65-,f
:()(
@
*64<3.()(
<5(
=,A
(3
(N6e
,96
3(:
7(9968<0(:
=,9;,)9()(5
(3.6

4C:
8<,
3(
,?7,90,5*0(
9,30.06:(b
,5
*65*9,;6
<5
*651<5;6
+,
+,9,*/6:

+,
79670,+(+
30.(+6:
(3
6-0*06
+,
7C996*6
8<,
*65:;0;<K(5
3(
*3(=,
+,
:<

9,5;(
+,
465676306
x,3
+0,A46b
*63,*;(+6
+,
+0=,9:(:
-694(:y
+0:;90f
)<0+(
,5;9,
7(;965,:b
9,*(<+(+69,:
@
*3H90.6:
,5
.,5,9(3e

+,;9C:
+,

*(+(
0.3,:0(
7(9968<0(3
/()K(
.<(9+0(5,:
8<,
*<0+()(5
,3
;,10+6
,*3,f

:0(3b
.,:;065()(5
,3
9,.0:;96
7(9968<0(3
@
69.(50A()(5
-0,:;(:
7(3
96f
N(3,:e
5
,3
4<5+6
<9)(56b
,3
7(7,3
+,
3(
7(9968<0(
,5
3(
=0+(
36*(3
@(

56
,9(
8<0AC
;(5
.9(5+,
*646
(5;,:b
7,96
36:
;,:;(4,5;6:
4<,:;9(5
,3

(7,.6
(
3(
0.3,:0(
,5
3(
8<,
<56
/()K(
:0+6
)(<;0A(+6
@
+65+,
(
4,5<+6
 '
$.( ’
:,
/()K(
,5;,99(+6
(
:<:
(5;,7(:(+6:e
(
7(9968<0(
9,79,:,5;()(
<5(

9,-,9,5*0(b
,3
3<.(9
+,
3(:
6)30.(*065,:
9,30.06:(:b
7,96
56
5,*,:(90(f
4,5;,
+,
3(
+,=6*0P5e
3
=0*(906
+,
<5(
7,8<,N(
7(9968<0(
,5
36:
(39,f
+,+69,:
+,
(.<5*0(
,?730*()(
,5
=K:7,9(:
+,
3(
,-694(
8<,
5<,=,

+,
*(+(
+0,A
+,
:<:
7(9968<0(56:
56
*65-,:()(5
:<:
7,*(+6:
@
769
36

;(5;6
56
9,*0)K(5
,3
*<,976
+,
90:;6
,5
(:*<(e
5
3(
.3,:0(
(5;,9069
(
3(
,-694(
;,5K(5
3<.(9
+,
*<(5+6
,5
*<(5f
+6
=0:0;(:
+06*,:(5(:
7(9(
4(5;,5,9
3(
=0.03(5*0(
:6)9,
3(
6):,9=(5*0(

+,
36:
-0,3,:e
(4)0H5
:,
=0.03()(
,3
():,5;0:46
*3,90*(3
x4<@
.,5,9(30f
A(+6b
(
=,*,:
769
9(A65,:
1<:;0-0*(+(:b
*646
3(
9,(30A(*0P5
+,
3()69,:

+06*,:(5(:y
@
(33K
+65+,
36
9,*3(4()(5
36:
7(9968<0(56:b
3(
05*65;0f
5,5*0(
,
05*647,;,5*0(
*3,90*(3b
(<58<,
,:;(:
T3;04(:
,9(5
4,56:
4(9f
*(+(:
:,.T5
3(:
=0:0;(:
+,
8<,
+0:765,46:
(5;,:
+,
3(
,-694(b
+,
36

8<,
:,
76+9K(
:<765,9
(;,5+0,5+6
(
3(
*9K;0*(
796;,:;(5;,
76:;,9069e
(

9,(30+(+
,9(
8<,b
(3
4,56:
,5
3(
<967(
9<9(3b
<5
*3H90.6
(730*(+6b
*(:f
;6
,
05:;9<0+6
/()9K(
:0+6
409(+6
796)()3,4,5;,
*65
:6:7,*/(e
3
7Cf
996*6
,9(
4C:
)0,5
<5
56;()3,
8<,
05;,9=,5K(
,5
3(:
8<,9,33(:
-(4030(f
9,:b
9,+(*;()(
36:
;,:;(4,5;6:
@
-(*030;()(
*9H+0;6:e
6:
7(9968<0(56:

8<,9K(5
(3.<0,5
8<,
36:
,5;,5+0,9(e
69
,5*04(
+,
3(:
7(9968<0(:b
36:
3(0*6:
79,-,9K(5
3(:
*6-9(+K(:

~v/,94(5+(+,:
3(0*(:
8<,
6-9,*K(5
:,9=0*06:
9,30.06:6:
@
+,
*(90+(+vf

(
3(:
8<,
7,9;,5,*K(5e
9,*0,965
,5
=K:7,9(:
+,
3(
,-694(b
*65;90)<f
@,5+6
(
3(
+0=,9:0+(+
+,
3(
,?7,90,5*0(
9,30.06:(
36*(3e
5
694(5+K(b

e769
,1,4736b
3(:
r*(90+(+,:s
-9(;,95(3,:b
,9(5
769
(3.<5(
9(AP5
4<*/6

u4C:
4(9*(+(:
,5
3(:
+0P*,:0:
+,
0:0,<?@
=9,<?
8<,
,5
36:
(9A6)0:7(f
+ 6 :
*6:;,96:
+,
=9(5*/,:b
6<;(5*,:
6
(@,<?e
,
;9(;()(
+,
<5
-,f
5P4,56
4<*/6
4C:
<9)(56
8<,
9<9(3e
<58<,
56
/()K(
30.(AP5
,5;9,

,33(:
@
36:
.9,406:
(9;,:(5(3,:b
(
4,5<+6
:,
,5;9,4,A*3()(5b
+,
-694(

K8<,b
769
+(9
:636
<5
,1,4736b
,5
<C5b
8<,
*65;()(
*65
<56:
ŒeŒŒŒ

/()0;(5;,:
,5
=K:7,9(:
+,
3(
,-694(b
/()K(
<5(:
  
*6-9(+K(:b
4<f
*/(:
+,
,33(:
,47(9,5;(+(:
*65
36:
.9,406:
(9;,:(56:
+,
3(
*0<+(+e
(
+0=,9:0+(+
:6*0(3
+,
,:(:
69.(50A(*065,:
,9(
;(5
=(90(+(
*646

h:<
7(7,3e
5
(3.<56:
3<.(9,:
/(:;(
36:
4,5+0.6:
;,5K(5
13
79670(
*6f
-9(+K(b
(<58<,
*65
4(@69
-9,*<,5*0(
79,+6405()(
,5
3(
7(<;(
+,
3(

+0=,9:0+(+
:6*0(3
<5(
1,9(98<K(
6-0*06:(
+,
-0.<9(:
+090.,5;,:
8<,
(*f
;<()(5
*646
:K5+0*6:
@
;,:69,96:e
+,4C:
+,
(@<+(9
(
:<:
40,4)96:

,5
;0,476:
+,
;90)<3(*0P5b
3(:
*6-9(+K(:
(;,5+K(5
(3
,5;0,996
+,
:<:

40,4)96:
@
9,A()(5
769
3(
30),9(*0P5
+,
:<:
(34(:
+,3
7<9.(;6906e
3

4(5;,5040,5;6
+,
36:
90;6:
769
3(:
*6-9(+K(:
v (3;(9,:b
40:(:
+,
(50f
 
         
 

        
=,9:(906
@
,5*,5+0+6
+,
=,3(:
=6;0=(:v
,9(
<5
9(:.6
*64T5
+,
3(
,?f
7,90,5*0(
9,30.06:(
,5
=K:7,9(:
+,
3(
,-694(e
<:
/0456:b
9,79,:,5;(f
*0P5
+,
36:
40:;,906:b
796*,:065,:
+,
-3(.,3(5;,:
x36:
2232'
+,3
569;,

+,
;(30(y
@
90;<(3,:
7,50;,5*0(3,:
4(50-,:;()(5
*63,*;0=(4,5;,
*0,9;6

;076
+,
,?7,90,5*0(
9,30.06:(
,5
3(
8<,
7(9;0*07()(
*(:0
;6+6
,3
4<5+6b

9,.<3(9
6
,70:P+0*(4,5;,e
6:
90;6:b
3,;(5K(:
@
*654,469(*065,:
+06*,:(5(:
9,=,3(5
3(
40:f
4(
+0=,9:0+(+e
(:
79,6*<7(*065,:
+,
3(
H76*(
769
3(
:<7,9:;0*0P5
x+0f
*/6
*9<+(4,5;,b
3(
4(507<3(*0P5
+,3
76+,9
:(.9(+6
*65
7967P:0;6:

:,*<3(9,:y
:65
-C*034,5;,
*6479,5:0)3,:e
j,
,:;()(
7,9+0,5+6
,3
4,5f
:(1,
*90:;0(56
,5
3(
90*(
;,?;<9(
+,3
90;<(3
@
,3
,?<),9(5;,
7(0:(1,
:(*9(3i

j<H
:0.50-0*()(5
769
,1,4736
7(9(
3(
.,5;,
+,3
=(33,
+,3
6<965
36:

*63690+6:
-9,:*6:
705;(+6:
+,5;96
@
-<,9(
+,
:<:
0.3,:0(:i
8<,336:
4<f
9(3,:b
9,(30A(+6:
769
(9;,:(56:
+,:*656*0+6:b
(*()(965
*65=09;0H5+6:,

,5
<5
9(:.6
+0:;05;0=6
+,
3(
9,.0P5
76*6
(5;,:
+,
3(
,-694(e
-9,*K(5

<5
9,:<4,5
=0:<(3
+,
3(:
9,:7<,:;(:
+,
3(
.3,:0(
(
3(:
79,.<5;(:d

jP46
56:
:(3=(46:i
j<0H5
:,
:(3=(i
5
3(
*(7033(
+,
65;b
8<0,5,:

0)(5
(
9,A(9
7(:()(5
(3
,5;9(9
,5
3(
0.3,:0(
769
+,3(5;,
+,
<5
-9,:*6
+,3

<0*06
05(3
,5
,3
8<,
(7(9,*K(
90:;6
*65
;6+(
:<
4(1,:;(+
*646
<5

1<,Ab
:,5;(+6
,5
:<
;90)<5(3
7(9(
1<A.(9
(3
4<5+6b
(*647(N(+6
769
36:

()6.(+6:
796=0:;6:
+,
:<:
)(3(5A(:
x8<,
,3
+0()36
;9(;()(
+,
05*305(9
(

:<
46+6ye
6:
C5.,3,:
;6*(5
:<:
*3(905,:
7(9(
+,:7,9;(9
(
36:
4<,9;6:

+,3
7<9.(;6906
@
33(4(936:
(3
1<0*06e
3
+0()36b
79,:,5;(+6
*646
<5

465:;9<6b
,:;C
79,7(9(+6
7(9(
(*6.,9
,5
3(:
33(4(:
+,3
05-0,956
(
36:

7,*(+69,:e
,96
3(
)<,5(
.,5;,
+,
65;
76+K(
9,:709(9
(30=0(+(
(3
*64f
796)(9
8<,
,3
*0,36
,:;()(
33,56
@
,3
05-0,956
=(*K6e
,
;9(;()(b
+,:7<H:

+,
;6+6b
+,
<5(
04(.,5
8<,
;6+6
,3
4<5+6
=,K(
(3
,5;9(9
@
(3
:(309
+,
3(

0.3,:0(b
*<@(
9,:765:()030+(+
,9(
:(3=(9
(
36:
7,*(+69,:e
 3
6;96
3(+6

+,3
=(33,
:,
=,K(
705;(+6
,5
,3
79,:)0;,906
+,
6;9(
*(7033(
,3
C9)63
+,

,:Hb
*646
9,*<,9+6
+,
3(
(5;0.U,+(+
+,3
4050:;,906
:(.9(+6e
(3,:

04C.,5,:
,9(5
3(:
r)0)30(:
7(9(
36:
76)9,:sb
3(
1<:;0-0*(*0P5
+,
3(
90:f
;0(5+(+
4,+0,=(3
7(9(
,3
(9;,
9,30.06:6e
,96
:0
,:(:
04C.,5,:
,9(5
,5f
;,5+0+(:
769
36:
/()0;(5;,:
36*(3,:
@
*P46
,:
6;9(
*<,:;0P5e
6:
;,P36.6:
(
36:
8<,
*699,:765+K(
,:(
;(9,(
+,)(;K(5
*P46
:,
+,f
*0+K(
3(
:(3=(*0P5
@
,5
8<H
.9(+6b
:0
,:
8<,
,5
(3.<56b
76+K(5
36:
:,9,:

/<4(56:
*65;90)<09
(
:(3=(9:,e
6:
79,+0*(+69,:
@
*65-,:69,:
:,
05*30f
5()(5
4C:
(
+9(4(;0A(936b
*646
/(*K(5
3(:
705;<9(:
4<9(3,:
+,
6<965e

(9(
36:
-()90*(5;,:
+,
04C.,5,:b
0479,:69,:
@
79,+0*(+69,:
3(
4<,9;,
@

3(
7,9:7,*;0=(
+,3
1<0*06
,9(5
4,9*(5*K(:
=,5+0)3,:b
8<,
+,1()(5
;9(:
+,
 '
$.( '
 ./-0$q)

'
-$./$)

:K
3(
:,5:(*0P5
x796)()3,4,5;,
,?(.,9(+(y
+,
8<,
3(
:(3=(*0P5
,9(
<5(

79,6*<7(*0P5
()9<4(+69(
7(9(
36:
*90:;0(56:e
6:
79,+0*(+69,:
;(4f
)0H5
:<)9(@()(5
3(
04769;(5*0(
+,
3(
9,:765:()030+(+
/<4(5(b
+,
5<,:f
;96
7(7,3
,5
5<,:;9(
79670(
:(3=(*0P5e
 3
0.<(3
8<,
36:
-9,:*6:
+,

6<965b
36:
:,9465,:
+()(5
<5(
=0=0+(
0479,:0P5
+,
36
8<,
76+9K(5
:,9

36:
:<-9040,5;6:
+,3
7<9.(;6906
@
,3
05-0,956b
7,96
;(4)0H5
46:;9()(5

8<,
:,
76+K(5
(;,5<(9
4,+0(5;,
3(
7,50;,5*0(
@
3(
05;,9*,:0P5e
(
.3,:0(
,9(
,3
3<.(9
790469+0(3
+65+,
;(3
7,50;,5*0(
;,5K(
,-0*(f
*0(e
90:;6
;,5K(
,3
76+,9
7(9(
7,9+65(9
36:
7,*(+6:
@
:,
36
/()K(
;9(5:f
40;0+6
(3
(7(
7(9(
8<,
3(
.3,:0(
36
+0:;90)<@,9(e
(
<*(90:;K(
6-9,*K(

3(
():63<*0P5
+,
36:
7,*(+6:
*64,;0+6:
769
36:
=0=6:
@
(30=06
7(9(
3(:

(34(:
+,
36:
4<,9;6:e
9(5
4<*/6:
36:
8<,
(:0:;K(5
(
3(:
40:(:
+,
9Hf
8<0,4
769
,:;(:e
6:
;,:;(4,5;6:
4<,:;9(5
:<
4,9*(5;030A(*0P5
@
8<,

*<(5;6
4C:
+,1()(
<56
(
3(
.3,:0(
,5
/,9,5*0(b
4(@69
,9(
3(
.(9(5;K(
+,

:(3=(*0P5
8<,
6);,5K(e
(:
7,9,.905(*065,:
(
36:
.9(5+,:
:(5;<(906:

+,
3(
90:;0(5+(+b
05*3<0+6
,3
=0(1,
(
0,99(
(5;(b
,9(5
4<@
767<3(9,:b

7,96
36:
:(5;<(906:
9,.065(3,:
76+K(5
6-9,*,9
;(4)0H5
*0,9;6
,:;(;<:

7,50;,5*0(3e
(
767<3(90+(+
+,
;(3,:
:(5;<(906:
8<,+(
(;,:;0.<(+(
769
3(

*6473,10+(+
+,
36:
,?f=6;6:
6-9,*0+6:
769
36:
-0,3,:e
(
,40:0P5
769

,3
7(7(+6
+,
+,9,*/6:
(
;(3,:
7,9+65,:
=,5+0+6:
,5
-694(
+,
)<3(:
+,

05+<3.,5*0(
7(9(
-05(5*0(9
3(
*65:;9<**0P5
+,
/6:70;(3,:b
0.3,:0(:b
,
05f
*3<:6
x,5
36:
(K:,:
(16:
y
+,
+08<,:b
,9(
<5(
,?;,5:0P5
+,
3(
05+<3.,5f
*0(
73,5(90(e
(:
)<3(:
9,8<,9K(5
8<,
,3
7,50;,5;,
9,(30A(9(
(3.T5
(*;6

7,9:65(3
+,
*65;90*0P5b
@
(
*(4)06
3,
6-9,*K(
<5(
7964,:(
+,
7(9;0*07(9

,5
36:
),5,-0*06:
+,
3(:
6)9(:
*(90;(;0=(:
8<,
3(
05:;0;<*0P5
7(;96*05(+(

796769*065(9K(
-05(34,5;,
(
6;96:e
(3,:
796*,:6:
7,50;,5*0(3,:
;,5f
+K(5
(
05*9,4,5;(9:,
,5
=K:7,9(:
+,
3(
,-694(b
@
56
:63(4,5;,
769
3(:

9(A65,:
4,9*,5(90(:
@
,.6K:;(:
8<,
3,:
(;90)<K(5
36:
796;,:;(5;,:e
,

,?(.,9(
(3
+,*09
8<,
3(
33,.(+(
+,
3(
,-694(
:,
7<,+,
,?730*(9
769
36:

r()<:6:s
+,
3(
.3,:0(b
(<58<,
:K
,:
,=0+,5;,
:<
4<3;0730*(*0P5
@
3(
05f
=,9:0P5
,5
+0=,9:6:
*(476:d
*65:;9<**0P5b
+65(*065,:b
7,9,.905(1,:b

9,;()36:
4<@
,3()69(+6:
7(9(
36:
(3;(9,:b
,;*ec
@
3(
+0=,9:0+(+
+,
90;6:
@

,?7,90,5*0(:
8<,+()(
)(16
,3
()9(A6
.,5H90*6
+,
<5(
.3,:0(
8<,
796f
*3(4()(
:<
465676306
+,
3(
=,9+(+
@
3(
:(3=(*0P5e
(
9,0=05+0*(*0P5

769
7(9;,
+,
(9;K5
<;,96
+,
<5(
=,9+(+
@
<5(
=K(
+0-,9,5;,:
/(*0(
3(

:(3=(*0P5
*(4)0P
;6+6
,:;6e


    
    


r3
7905*0706
,9(
4<@
7,8<,N(
@
-C*03
+,
:,K*65+,5(+(b
@
<5
/64)9,

:636
/(*K(
-9,5;,
(
3(
4(30*0(
@
=063,5*0(
+,3
4<5+6
,5;,96es
:K
,:

*P46
+,:*90)K(
6/(55,:
/03077:65
=65
*/3,0+,5
x3,0+(5<:yb
:<

7904,9
/0:;690(+69b
36:
7904,96:
(N6:
+,
3(
,-694(
796;,:;(5;,
,5
,3

79,-(*06
(
:<:
 #
1223
0#*'%'-,'1
#2
0#'.3 *'!#
0-*-
3',2-
#10#

!-++#,20''
x‘‘‘yb
46=0+6
769
3(
,?*0;(*0P5
+,3
5<,=6
46=040,5;6

9,30.06:6e
<,
;,:;0.6
*646
()6.(+6
@
+07364C;0*6
,5
:;9(:)<9.6
+,

3(
<,99(
+,
:4(3*(3+(
x‘’f‘“yb
<5
*65-30*;6
8<,b
,:-69AC5+6:,

769
:,9
047(9*0(3b
05;,979,;()(
*646
+,:0.506
+,
3(
96=0+,5*0(
+0=05(

8<,
/<4033()(
(
;6+6
<5
,47,9(+69
=(30H5+6:,
+,
<;,96e
(:
*9K;0*(:

(
,:;,
T3;046
36
79,:,5;()(5
*646
<5(
-<,9A(
+,3
4(3
8<,
,:;()(
+,:f
;9<@,5+6
3(
90:;0(5+(+e
3,0+(5<:
/()K(
3,K+6
3(
=0+(
+,
<;,96
*65;(f
+(
769
<56
+,
,336:b
6/(55,:
6*/3(,<:b
;,:;0.6
+09,*;6
+,
3(
(7(90f
*0P5
+,
<;,96
,5
3(
0,;(
+,
694:
,5
 ‘ Ž 
8<,
36
79,:,5;()(
*646

(30(+6
+,3
+0()36b
047<3:(+6
769
,3
+,:,6
*(95(3
@
<5(
:,+
05:(*0()3,
+,

+,:;9<09
3(
(<;690+(+e
4)6:
)(5+6:
7967(.()(5
,3„40;8
+,
8<,
3(
 ,f
-694(
796;,:;(5;,
/()K(
*64,5A(+6
769
050*0(;0=(
+,
<5
6:*<96
4651,

,5
(1650(b
7,96
,=0+,5;,4,5;,
56
-<,
6)9(
+,
<5
:636
/64)9,e
0
56

/<)0,9(
/()0+6
<5
(9;K5
<;,96b
3(:
76+,96:(:
*6990,5;,:
,5
-(=69
+,3

*(4)06
9,30.06:6
/()9K(5
,5*65;9(+6
6;96
*(;(30A(+69
@
@(
/()K(5
*6f
4,5A(+6
(
/(*,9:,
79,:,5;,:
,5
,5(50(
@
<0A(
,5
,3
464,5;6
+,
3(

(7(90*0P5
+,
<;,96
,5
694:e
,96
:05
<;,96
*646
:<7,9*(;(30A(f

+69
3(
,-694(
796;,:;(5;,
/()9K(
:0+6
+0:;05;(e
3
796706
<;,96
,9(
(4)0.<6
*65
9,:7,*;6
(
36:
(*65;,*040,5;6:

;9(<4C;0*6:
+,
:<
=0+(e
69
<5
3(+6b
:<
*65;90)<*0P5
,9(
46+,:;(d
r@6

:0473,4,5;,
,5:,N()(b
79,+0*()(b
,:*90)K(
zeee{
 6
/0*,
5(+(
4C:
8<,

,:6
zeee{
(
(3()9(
36
/0A6
;6+6se
6
/<)6
769;,5;6:
,5
,3
*0,36
50
40f
3(.96:(:
*<9(*065,:b
@
36:
-()90*(5;,:
+,
40;6:
796;,:;(5;,:
;<=0,965

8<,
05=,5;(936:
+,:7<H:
+,
:<
4<,9;,e
<
3<.(9
+,
5(*040,5;6
-<,
:(3f
=(+6
+,3
-<,.6
+6:
=,*,:
,5
,3
:0.36
?=0b
36
8<,
:,
05;,979,;()(
*646

r<5(
.9(5
:,N(3se
5
9,;9(;6
:<@6
9,:<3;P
:,9
r05*64)<:;0)3,s
+<9(5;,

3(
<,99(
+,
36:
9,05;(
N6:e
<;,96
:,
=,K(
(
:K
40:46b
56
6):;(5;,b

*646
=,/K*<36
7(9;0*<3(9
7(9(
3(
0505;,30.0)3,
6)9(
+,
06:e
5
 ‘ 

*0;()(
(3
/,9,1,
)6/,406
(5
<:
-9,5;,
(
3C
,1,*<*0P5€xr@6
7<,+6
:,9

<5
+H)03
.(5:6
z,5
*/,*6b
<:
™
.(5:6{b
7,96
;9(:
+,
4K
=,5+9C5
(=,:

4C:
76+,96:(:sy
(+(7;(5+6
,:(:
7(3()9(:
7(9(
:K
40:46d
r<,+,
8<,

*6*05(9(5
<5
.(5:6
,5
 ‘b
7,96
<5
:0.36
+,:7<H:
:,
/(
*65=,9;0+6
,5
 
   ’“
<5
*0:5,se
5
,3
-<5,9(3
+,
<;,96
6/(55
<.,5/(.,5
9,70;0P
,:(
(3<f
:0P5b
9,*69+(5+6
(
:<:
(+=,9:(906:
*(;P30*6:
8<,
<;,96
/()K(
4<,9;6

,5
:<
*(4(d
r6+H0:
(:(9
(
<5
.(5:6b
7,96
,5
,3
73(A6
+,
<5
:0.36
=,5f
+9C
<5
/64)9,
(3
8<,
56
76+9H0:
(:(9se
<
0+,(
:<:;(5*0(3
,9(
8<,
3(

=,9+(+
+,
06:
56
:,
76+K(
(:-0?0(9e
09(5+6
9,;96:7,*;0=(4,5;,b
@

7(:(5+6
+,
3(
4,4690(
(
3(
(5H*+6;(b
<;,96
6-9,*0P
705*,3(+(:
+,

*P46
*9,K(
8<,
36
/()K(
36.9(+6b
7,96
,:
*646
409(9
-6;6.9(-K(:
:,70(

+,
/(*,
4<*/6
;0,476e
5
<5(
+,
,33(:
=,46:
(
<;,96
,5
1<306
+,

7(9(30A(+6
769
<5(
,?7,90,5*0(
*,9*(5(
(
3(
4<,9;,
,5
<5(
;69f
4,5;(b
1<9(5+6
(
(5;(
5(
8<,
:,
/(9K(
4651,
:0
:6)9,=0=K(e
;9(
,:
3(

04(.,5
+,
:<
r464,5;6
,<9,2(sb
<5
.9(5
+,:*<)9040,5;6
;,63P.0*6

40,5;9(:
;9()(1()(
,5
:<
,:;<+06b
,5
,3
;,9*,9
70:6
+,
<5(
;699,
,5
3(

4<9(33(
+,
3(
*0<+(+
1<5;6
(
<5(
3,;905(b
3(
-(46:(
r,?7,90,5*0(
+,

3(
;699,s
x 30+#0*# ,'1y
+,
<;,96e
6
76+,46:
-,*/(93(
*65
,?(*;0f
;<+b
@
8<0AC
,:(
-6;6.9(-K(
56
:,(
36
8<,
*9,,46:
8<,
,:e
6
8<,
<;,96

+,:*<)90Pb
*<C5+6
@
8<H
04769;(5*0(
;,5K(b
:,
/(
*65=,9;0+6
+,
769
:K

,5
;,4(
+,
05=,:;0.(*0P5
@
*64,5;(906e
69
,:(
9(AP5b
3(
/0:;690(
,:
)0,5
*656*0+(
@
,5
*0,9;6:
(:7,*;6:

(7,5(:
56;()3,e
<;,96
56
,9(
4<@
+0-,9,5;,
+,
4<*/6:
6;96:
*3H90.6:

+,
:<
H76*(d
<5
)9033(5;,
16=,5
+,
69K.,5,:
46+,:;6:b
+,3
;076
8<,

4(5;,5K(
3(
.3,:0(
,5
4(9*/(e
,
*65:0+,9()(
(
:K
40:46
*(47,:056b

7,96
,:6
/(@
8<,
4(;0A(936b
@(
8<,
:<
7(+9,
x (5:y
,9(
405,96
@
:,

*(:P
*65
3(
/01(
+,
<5
56;()3,
36*(3
+,
0:3,),5e
<;,96
:,
.9(+<P
,5
3(

50=,9:0+(+
+,
9-<9;
,5
‘Œ‘
@
7965<5*0P
:<:
=6;6:
7(9(
*65=,9;09:,

,5
4651,
+,
3(
69+,5
+,
36:
,9,40;(:
+˜(5
.<:;K5
(8<,3
40:46
(N6b

7,:,
(
3(
676:0*0P5
+,
:<
7(+9,e
5
‘Œ”
*64,5AP
(
+(9
*3(:,:
+,
-036f
:6-K(
469(3
,5
3(
9,*0,5;,4,5;,
-<5+(+(
50=,9:0+(+
+,
0;;,5),9.e

5
 ‘  Ž
(3*(5AP
,3
+6*;69(+6
@
:,
*65=09;0P
,5
796-,:69
+,
;,636.K(

)K)30*(
@
,5
=0*(906
796=05*0(3
+,
3(
69+,5
+6:
(N6:
+,:7<H:e
5
‘Ž‘

-<,
<56
+,
36:
T3;046:
4651,:
,5
+,1(9
:<
=0,16
465(:;,906b
*(:C5+6:,

*65
<5(
(5;0.<(
4651(
*65
3(
8<,
;<=6
:,0:
/016:e
<,
,5
0;;,5),9.

+65+,
;<=6
3<.(9
,3
050*06
+,
3(
,-694(e
<;,96
9,:<3;(
05;,9,:(5;,
:636
*<(5+6
,:*90),e
<:
7<)30*(*065,:

*64,5A(965
,5
 ‘  ’
*65
<5(
,+0*0P5
+,
:,9465,:
,:*90;6:
+6:
:0.36:

(5;,:
xH3
36:
(;90)<K(
(3
4K:;0*6
(3,4C5
6/(55
(<3,9yb
:6)9,
*P46
,:f
;(9
,5
*64<50P5
*65
06:
@
=0=09
<5(
=0+(
:(;0:-(*;690(b
7<)30*(+(
*65

,3
;K;<36
7,
"#321!&
&#-*-%'
j&#-*-%'
#0+:,'!{e
3
79,-(*06
+,

<;,96
(3()()(
3(
6)9(b
8<,
0)(
(
;,5,9
*0,9;6
,-,*;6
:6)9,
8<0,5,:
8<,f
9K(5
33,=(9
3(
,-694(
796;,:;(5;,
4C:
3,16:
@
4C:
9C70+(4,5;,
8<,
H3
 '
 ./-0$q)

'
-$./$)
40:46e
5
 ‘“
796+<16
+6:
;,?;6:
+,
05=,:;0.(*0P5d
3(
'1.32"-
!-,V
20
1!&-*1"!+
2&#-*-%'+
,5
(.6:;6b
@
3(:
•‘
;,:0:b
6
'1.322'-.0-
"#V

!*0"-,#
4'0232'1
',"3*%#,2'03+
,5
6*;<)9,b
0,5+6
,:;,
T3;046
796)(f
)3,4,5;,
,3
;,?;6
(*(+H40*6
4C:
*69;6
@
4C:
,?736:0=6
1(4C:
,:*90;6e

5
:0.36
+,:7<H:
-<,
*654,469(+6
*65
<5(
796*,:0P5
8<,
(*()P
,5
3(

0.3,:0(
+,3
*(:;0336
+,
0;;,5),9.e
5
.9()(+6
+,3
(50=,9:(906
+,
 ’  “

4<,:;9(
(
<;,96
*65
<5(
73<4(b
*3(=(5+6
:<:
;,:0:
,5
3(
7<,9;(
+,
3(

0.3,:0(e
 3
73<4K5
(7<5;(
+09,*;(4,5;,
(3
7(7(
,P5
 b
,5;9C5+63,
769

<5
6K+6
@
:(30H5+63,
769
,3
6;96
@
;09(5+6
:<
;0(9(e
(:
7(3()9(:b
:,
+,+<f
*K(b
*65;,5K(5
<5(
=,9+(+
469;(3
@
;,5K(5
,3
76+,9
+,
+,990)(9
;9656:e
8<,33(
-<,b
4<@
9,:<40+(4,5;,b
;6+(
3(
/0:;690(e
5
()903
+,
‘”

3(:
0:7<;(:
+,
,0+,3),9.
+,
<;,96b
79,:,5;(+(:
(5;,
,3
*(7K;<36
+,

:<
69+,5b
3,
+0,965
-(4(
,5
,5(50(e
64,5AP
(
7<)30*(9
:,9465,:b

:6)9,
3(:
5+<3.,5*0(:
x4C:
767<3(9
8<,
3(:
u

2#1'1dR
:6)9,
3(
(:0P5

+,
90:;6b
:6)9,
3(
<,9;,b
:6)9,
,3
9()(16
@
,3
(;9046506b
;6+6:
36:

*<(3,:
(7(9,*0,965
(5;,:
+,
‘ŽŒb
,3
(N6
,5
8<,
<;,96
+,-050P
36
8<,

+,-,5+K(e
96+<*K(
;,?;6:
0505;,99<470+(4,5;,b
(796?04(+(4,5;,
*(+(

+6:
:,4(5(:b
:,.T5
<5
*C3*<36e
(
,-694(
*64,5AP
!-+-
<5
(*65;,f
*040,5;6
(*(+H40*6
@
30;,9(906e
5
73(56
+,
0;;,5),9.
,5
‘’b
,3
(N6
+,
3(
4<,9;,
+,
<;,96b

4<,:;9(
<5(
*0<+(+
(4<9(33(+(
*65
<5(
+,*,5(
+,
*(33,:
@
;9,:
7<,9;(:e

9(
7,8<,N(b
@
*(:0
;6+6
36
8<,
(7(9,*K(
,5
,3
73(56
(*()()(
+,
:,9

-<5+(+6
6
9,*65:;9<0+6e
5
3(
<,9;(
<9
,:;()(
3(
4(@69
*(:(
+,
3(

*0<+(+b
*65:;9<0+(
,5
 ‘  
7(9(
,3
(9;0:;(
+,
3(
*69;,
@
-(94(*H<;0*6

<*(:
9(5(*/e
5
3(
<,9;(
,:;,
,:;()(
,3
*(:;0336
8<,
:,9=K(
+,
33(=,

7(9(
36
8<,
/(*K(
04769;(5;,
(
0;;,5),9.e
5
”‘
(1650(
/()K(
8<,f
+(+6
+0=0+0+(
,5;9,
+6:
/,94(56:b
95,:;6
@
3),9;6e
(
r(1650(
9f
5,:;05(s
4(5;,5K(
,3
7<,:;6
+,
,3,*;69
7(9(
=6;(9
,5
3(:
+0,;(:
047,90(f
3,:
7,96
7,9+0P
:<:
4,169,:
)(A(:
x ,07A0.b
:<
50=,9:0+(+
@
:<

*(:;0336y
8<,
7(:(965
(
76+,9
+,3
+<8<,
3),9;6e
3
/016
+,
95,:;6b

,+,90*6

,3
()06b
.6),95P
3(
(1650(
,3,*;69(3
+,:+,
0”’
,
/0A6
+,

0;;,5),9.
:<
*(70;(3e
9+,5P
+,463,9
,3
(5;0.<6
*(:;0336
@
*65:;9<09

6;96
,5
:<
3<.(9b
8<,
05*3<K(
<5(
)0)306;,*(e
:;(
T3;04(
,:;()(
:<7,9=0f
:(+(
769
69.,
7(3(;05b
*(7,33C5
+,
3(
*69;,
@
;<;69
+,
36:
/016:
+,3

,3,*;69b
(:K
*646
05;,94,+0(906
,5;9,
,:;,
@
3(
50=,9:0+(+e
3
*(:;0336
;(4)0H5
;,5K(
<5(
5<,=(
0.3,:0(
@
;6+(
<€1(
*63,**0P5
+,

9,308<0(:e
<(5+6
8<,+P
*6473,;(+6
,5
‘Œ‘
+6405()(
3(
;6;(30+(+

+,
3(
*0<+(+e
,+,90*6
8<,9K(
+(9
9,30,=,
(
:<
*(70;(3b
@
*65=,9;093(
,5
<5

*,5;96
+,
+,=6*0P5b
7,9,.905(*0P5
@
(79,5+0A(1,
,9(
<5
)<,5
4H;6+6
 '
$.( ’•
7(9(
*65:,.<0936e
(9;,
+,
,:(
,:;9(;,.0(
05*3<K(
*9,(9
<5(
5<,=(
<50f
=,9:0+(+
*(7(A
+,
90=(30A(9
*65
3(
+,
,07A0.e
)90P
:<:
7<,9;(:
,5

‘ŒŽ
@
6/(55
=65
;(<70;Ab
7(90,5;,
@
(40.6
+,:+,
3(
05-(5*0(
+,
,f
+,90*6b
-<,
564)9(+6
+,*(56
+,
3(
-(*<3;(+
+,
;,636.K(e
 3
(N6
:0f
.<0,5;,
;(<70;A
:,
*65=09;0P
,5
=0*(906
.,5,9(3
+,
3(
69+,5
465C:;0*(

+,
<3,96b
36
8<,
,9(
;(4)0H5
<5(
:6979,:(b
7698<,
36:
(.<:;056:
56

/()K(5
33,.(+6
(33K
/(:;(
‘ŒŽe
0;;,5),9.
56
,9(
36
)(:;(5;,
.9(5+,
50

(5;0.<(
*646
7(9(
8<,
/<)0,9(
,5
,33(
4<*/6:
05;,9,:,:
*9,(+6:e
<;,f

96
7<+6
(:K
9,*3<;(9
(
4<*/6:
*63,.(:
+,
3(
-(*<3;(+
*65
0+,(:
7(9,*0f
+(:
(
3(:
:<@(:b
@
*65
,3
9,:7(3+6
+,3
,3,*;69
46+,3P
:<
=0+(
9,30.06:(

:,.T5
3,
7(9,*K(
4,169e
8<,3
5<,=6
465(:;,906
-<,
,3
7<5;6
+,
7(9;0+(
7(9(
,3
9,*6990+6

,:7090;<(3
+,
<;,96e
(
69+,5
465C:;0*(
,5
3(
8<,
/()K(
,5;9(+6b
36:

:,9465,:
8<,
6K(b
3(
;,636.K(
8<,
3,K(b
;6+6
,336
3,
,5:,N()(
8<,
36:
:,9,:

/<4(56:
:65
7,*(+69,:
5,*,:0;(+6:
+,
9,+,5*0P5e
5;9,
36:
;,P36.6:

:,
+0:*<;K(
,5
;H94056:
():;9(*;6:
*P46
:,
(3*(5A()(
,:(
9,+,5*0P5b
@

,:;()(5
+0=0+0+6:
,5;9,
=(90(:
r=K(:
+,
7,5:(40,5;6s
x(,yb
8<,
9,-3,f
1()(5
,5
7(9;,
:<
7<5;6
+,
=0:;(
-036:P-0*6e
()K(
7,*(+6:
+,
;6+(:
3(:

*65-0.<9(*065,:
@
;(4(N6:b
7,96
,5
.,5,9(3
:,
7,5:()(
8<,
/()K(
:0,;,

*(70;(3,:b
8<,
:,
9,465;()(5
/(:;(
3(
+,:6),+0,5*0(
+,
+C5e
(
/<f
4(50+(+
/()K(
/,9,+(+6
(8<,3
7,*(+6
r690.05(3s
@
,9(
05*(7(A
+,
r:(f
;0:-(*,9s
3(
09(
1<:;0*0,9(
+,
06:e
-69;<5(+(4,5;,
06:b
*<@6
76+,9
,:
():63<;6b
,:;()(
+0:7<,:;6
(

*647964,;,9:,
x;(3
*646
36
,5;,5+K(5
36:
;,P36.6:
+,
3(
'
-"#0V
,d
@
33,.(9
(
<5
7(*;6
7(9(
*65*,+,9+(
.9(*0(
(
36:
:,9,:
/<4(56:
@

3040;(9
:<
796706
76+,9
+,5;96
+,
36:
*(5(3,:
,:;()3,*0+6:e
<
T3;046

*6479640:6
,5
,:,
:,5;0+6
-<,
,5=0(9
(3
4<5+6
(
:<
/016
,:<*90:;6b

8<,
*646
,9(
(
3(
=,A
/64)9,
,
016
+,
06:b
76+K(
6-9,*,9
3(
5,*,:(f
90(
:(;0:-(**0P5
,5
5<,:;96
564)9,e
(
.9(*0(
:,9K(
(**,:0)3,
(
;9(=H:

+,3
*(5(3
+,
3(
.3,:0(
@
36:
:(*9(4,5;6:b
,5
7(9;0*<3(9
,3
)(<;0:46b
3(

,<*(90:;K(
@
3(
7,50;,5*0(b
8<,
1<5;6:
6-9,*K(5
(3
*90:;0(56
<5
4H90;6

*65.9<,5;,
8<,
;,5K(
,-,*;6:
1<5;6
(
:<
79670(
7,50;,5*0(c
(<58<,

3(:
*<,:;065,:
+,
:0
3(
(;90*0P5b
,:;6
,:b
,3
;,469
(
3(:
*65:,*<,5*0(:
+,3

7,*(+6b
;,5K(
=(369
(
36:
616:
+,
06:
6
:0
x*65
,3
;0,476y
76+K(
33,=(9
(

3(
*65;90*0P5
x3(
=,9+(+,9(
7,50;,5*0(yb
,
05*3<:6
:0
76+K(
9,(34,5;,
,?0:f
;09
<5(
7,9-,*;(
*65;90*0P5b
,:;()(5
()0,9;(:
(3
+,)(;,e
(
.9(*0(
/()0f
;<(3
,9(b
@
,5
,:;6
*605*0+K(5
;6+6:b
<5
+65
:6)9,5(;<9(3b
8<,
*<(5+6

,9(
9,*0)0+(
769
,3
(34(b
<5K(
(3
*90:;0(56
*65
90:;6b
765K(
3(:
*6:(:
,5

69+,5
*65
06:b
@
*65-,9K(
<5
5<,=6
r/C)0;6sb
6
+0:76:0*0P5
7(9(
*64f
,0) '
 ./-0$q)

'
-$./$)
769;(9:,
*646
<5
:,9
/<4(56
=09;<6:6e
(3
.9(*0(
,9(
:<-0*0,5;,
769f
8<,
3,
+()(
,3
76+,9
+,
6),+,*,9
(
06:b
7,96
56
,9(
(<;64C;0*(4,5;,

,-0*(Ab
@(
8<,
+,7,5+K(
+,
8<,
:,
7<:0,9(
,5
79C*;0*(
,5
3(
=0+(b
/(*0,5f
+6
r36
8<,
,5;9(
+,5;96
+,
:<:
76+,9,:se
0:-9<;(9
+,3
,:;(+6
+,
.9(*0(

:<765K(
<5
,:-<,9A6
7,97,;<6b
+,3
8<,
3(
7,50;,5*0(b
3(
(<;65,.(*0P5
@

,3
:(*90-0*06
,9(5
3(
*3(=,e
(
9,5<5*0(
(
3(:
;,5;(*065,:
+,3
4<5+6b

(*647(N(+(
769
36:
=6;6:
465C:;0*6:b
,9(
<5
)<,5
*640,5A6
7(9(
,:,

3(9.6
*(4056e
6:
,9,40;(:
(.<:;056:
+,
0;;,5),9.
:,
36
;64()(5

4<@
,5
:,906e
5
*<(5;6
(3
796706
<;,96b
:,
;9(;()(
+,
<5
)<,5
4651,b
7,96
,:6

56
)(:;()(e
5
 ‘  ”
+,:*90)0P
:<:
;,5;(*065,:
x,$#!&23,%#,yb
56*/,:

6:*<9(:
+,3
(34(
r;(5
05;,5:(:b
;(5
05-,95(3,:b
8<,
505.<5(
3,5.<(b

505.<5(
73<4(b
7<,+,
+,:*90)093(:se
5
‘
9,*69+()(
8<,
:<
4(+9,

/()K(
:,5;0+6
,3
;,469
(
:,9
*65;(405(+(
769
<5(
)9<1(
=,*05(e
5

6;9(:
6*(:065,:
+,:*90),
8<,
9,*0)K(
3(:
=0:0;(:
+,3
+0()36
,5
,3
465(:f
;,906e
(:
9,:7<,:;(:
+,
<;,96
,9(5
(
4,5<+6
,:*(;63P.0*(:d
r,96
:0

,:6
56
,:
)(:;(5;,
7(9(
;0b
+0()36b
;(4)0H5
/,
*(.(+6
@
4,(+6c
9,:;90,.(

;<
)6*(
:6)9,
,:6
@
+(3,
<5
)<,5
469+0:*6se
5
<5
:,970P5
(5;,
,3
*(f
7K;<36
+,
3(
69+,5
(.<:;05(
,5
4(@6
+,
 ‘  ‘ b
,3
;,4(
,3,.0+6
769
<;,f
96
-<,
,3
+,
3(
*(3<450(
@
3(
4<94<9(*0P5b
<5
796)3,4(
/()0;<(3
+,
3(

=0+(
465C:;0*(e
r5
+0-(4(+69
v +,*K(v
56
/(*,
6;9(
*6:(
8<,
9<f
40(9
,5;9,
3(
40,9+(
+,
36:
+,4C:
zeee{
69
,:6
,:
769
36
8<,
:<:
+,76:0f
*065,:
/<,3,5
;(5
4(3b
:<7,9(+(:
:636
769
3(:
+,3
+0()36se
3
+0()36b
*65

6;9(:
7(3()9(:b
,:;()(
,5
,3
465(:;,906b
,5
5<,:;9(:
)6*(:b
,5
;6+(:

7(9;,:e
(+(
=0:;(A6
+,
3(
=0+(
(5;,9069
+,
<;,96
7(9,*,
<5
9,*69+(;6f
906
*(3*<3(+6
+,
8<,
3(
:(3=(*0P5
56
,9(
<5(
*<,:;0P5
(*(+H40*(b
:056

<5(
*<,:;0P5
+,
*(95,
@
:(5.9,b
=0+(
@
4<,9;,e
5
+0:;05;6:
;,?;6:
+,
<;,96b
9,*69+(+6:
+,
<5
46+6
8<,
*65-<5f
+,
7(:(+6
@
79,:,5;,b
;(<70;Ab
,3
:<7,9069
+,
:<
69+,5
@
x(3
7(9,*,9y
:<

796706
+09,*;69
,:7090;<(3b
3,
:,N(3()(
3(
=K(
+,
:<7,9(*0P5e
<;,96
9,f
*69+()(
8<,
,5
<5(
6*(:0P5
3,
/()K(
+0*/6
8<,
*<(5+6
:,
:,5;K(
;,5;(f
+6
+,
7,5:(9
+,4(:0(+6
,5
3(
05(7,3()3,
1<:;0*0(
+,
06:b
+,*0+K(
9,f
-3,?065(9
,5
*(4)06
:6)9,
3(:
/,90+(:
+,
90:;6b
*65*,5;9(9:,
,5
,3
'0

"-*-03+U
<,
;(<70;A
8<0,5
,5:,NP
(
<;,96
(
7,5:(9
:6)9,
,3
(99,7,5f
;040,5;6
,5
;H94056:
+,
3(
9,3(*0P5
*65
<5
06:
.,5,96:6b
4C:
8<,

*646
3(
79,:,5*0(
,5
<5
1<0*06
(5;,
<5
1<,A
645076;,5;,b
*<,:;0P5

56
,9(
+,:*<)909
*P46
:646:
:(3=(+6:e
(
36
-<046:e
(
*<,:;0P5
,9(

*P46b
,5
,:(
9,3(*0P5b
*65-0C)(46:
,5
06:e
<;,96
9,(**065()(
:,3,*;0=(
@
*647(9(;0=(4,5;,
(
36
8<,
3,K(e
 '
$.( 
<,33(:
+,
36
8<,
3,
/()K(5
,5:,N(+6
9,(7(9,*K(5
+,
-694(
05,:7,9(+(

(3
09
,=63<*065(5+6
:<
7,5:(40,5;6e
*()P
*65=,5*0+6
+,
8<,
3(
T50*(

;,636.K(
=C30+(
,9(
3(
8<,
76+K(
+(9
:,5;0+6
(3
4<5+6
@
:<
*6473,10+(+b

36
8<,
3,
/0A6
()(5+65(9
3(
;,636.K(
,:*63C:;0*(e
5
 ‘  “
<;,96
,9(
@(

<5
*9K;0*6
+,*3(9(+6
+,
:<:
*(;,.69K(:
=(*K(:b
7,96
3,
8<,+()(
(3.6
+,

:<
05-3<,5*0(b
,:7,*0(34,5;,
,3
H5-(:0:
+,
3(
'
-"#0,
,5
3(
+0*6;6f
4K(
,5;9,
3(
:6),9(5K(
+,
06:
@
3(
5(;<9(3,A(
7,*(+69(
+,3
/64)9,e

(:
+0*6;64K(:
:0.<0,965
:0,5+6
,:,5*0(3,:
,5
,3
7,5:(40,5;6
+,
<;,f
96b
(
4,5<+6
,?79,:(+(:
*646
7(9,:
+,
7(3()9(:
6
7(9(+61(:
(
;9(=H:

+,
3(:
8<,
<56
+,),9K(
,5;,5+,9
3(
-694(
,5
8<,
36:
:,9,:
/<4(56:
:,

9,3(*065(5
,5;9,
:K
@
*65
06:e
5
,:(:
9,3(*065,:b
:0,479,
+05C40*(:b

:646:
/(*,:
*65;9(+0*;6906:
+,
76;,5*0(:
@
+,:,6:b
30)9,:
@
,5*(+,5(f
+6:
(3
40:46
;0,476b
7,*(+69,:
@
7,9+65(+6:
769
5<,:;96:
7,*(+6:b

*(7(*,:
+,
3(
7,69
+,79(=(*0P5b
7,96
;(4)0H5
x4,+0(5;,
3(
.9(*0(
+,

06:y
+,
:,.<09
(4(5+6
@
:0,5+6
(4(+6:e
(:
7(9(+61(:
+,
<;,96
+,f
1()(5
7,973,16:
(
:<:
*65;,4769C5,6:c
9(:46
+016
8<,
56
:<)09K(
(3

*(+(3:6
769
505.<5(
+,
,33(:e
646
:<:;0;<;6
+,3
7,5:(40,5;6
,:*63C:;0*6
7967<.5P
<5(
3,*;<9(

05;,5:0=(
+,
3(
0)30(b
(79,5+0,5+6
.90,.6
@
/,)9,6
@
*6479(5+6
3(

,+0*0P5
+,
 ‘  ’
+,3
<,=6
,:;(4,5;6
79,7(9(+(
769
9(:46e
<;,96

:,
*65*,5;9P
,5
3(:
,7K:;63(:
+,
()36
,5
,3
<,=6
,:;(4,5;6
@
,5

36:
(346:
+,3
5;0.<6
,:;(4,5;6b
<;030A(5+6
3(:
;H*50*(:
+,
*64,5f
;(906
8<,
,9(5
,5;65*,:
,3
4H;6+6
79,=(3,*0,5;,
+,
,5:,N(5A(
7(9(


8<,
36:
,:;<+0(5;,:
*(7;(9(5
,3
:0.50-0*(+6
,:,5*0(3
+,3
;,?;6
,5
*<,:f
;0P5e
<9(5;,
(8<,3
796*,:6b
(3.6
*(40P
,5
:<
0+,(
+,
36
8<,
06:

+,*K(e
(:
,5<5*0(*065,:
/<4(5(:
56
,9(5
+,
4<*/6
=(369e
0,9;6
,:

8<,
,9(5
3(
)(:,
+,
3(
:6*0,+(+
x1<9(4,5;6:b
7964,:(:b
7,9+65,:y
@

()(9*()(5
3(:
*6:(:
4C:
04769;(5;,:
+,
3(
=0+(e
,96
+,*046:
*6:(:

8<,
56
56:
*9,,46:
+,3
;6+6b
@
7964,;,46:
6;9(:
8<,
56
*<473046:e

(
0)30(b
,5
*(4)06b
*65;0,5,
3(:
7964,:(:
+,
06:
@
,:
;6;(34,5;,

-0()3,e
6
;,5,46:
8<,
,5;,5+,9
,3
;,?;6
+,
,:;(
-694(
<
6;9(b
9,,3(f
)69(936b
*65=,9;0936
,5
3,@
6
*9,(9
<5(
4,;(-K:0*(
,5
;6956
(
H3e
3
:0.f
56
,:
3(
9,(30+(+b
@
06:
,:;C
:0,479,
+0:7<,:;6
@
,:7,9(5+6
(
3(
-,

8<,
36
9,*656A*(e
65
,:(
-,b
+,*K(
<;,96b
:,
;0,5,
(3.6
4C:
-<,9;,
8<,

*<(38<0,9
;96A6
+,
7(7,3b
8<,
*<(38<0,9
*(9;(
+,
7,9+P5b
8<,
*<(38<0,9

7(9(+0.4(
05;,3,*;<(34,5;,
*65:;9<0+6e
56
:,
7<,+,
(;,5,9
(
,:(

7964,:(
/,*/(
769
06:b
56
04769;(
36
8<,
:<*,+(e
3
r*65-30*;6
+,

3(:
05+<3.,5*0(:s
@
36
8<,
:0.<0P
*65=09;0,965
,:(
7,9*,7*0P5
,5
(3.6

4<*/6
4C:
(.<+6
@
+,:;9<*;0=6d
r:636
3(:
:*90;<9(:s
g1-*
!0'.230yb
 '
 ./-0$q)

'
-$./$)
,:;6
,:b
8<,
3(
:*90;<9(
,:
,3
;,:;
-<5+(4,5;(3
+,
36
8<,
*65:;0;<@,
3(

=,9+(+
+0=05(e
<;,96
,5*65;9P
3(
*3(=,
,5
,3
;,?;6
+,
0(
,7K:;63(
+,
(5
()36
(

36:
964(56:b
 e  “
x8<,
(
:<
=,A
:,
9,40;K(
(3
5;0.<6
,:;(4,5;6yd

r698<,
(33K
:,
9,=,3(
3(
1<:;0*0(
+,
06:
769
3(
-,
@
7(9(
3(
-,b
*65-694,

(
36
8<,
+0*,
3(
:*90;<9(d
 3
1<:;6
=0=09C
769
3(
-,se
5
:<
79,-(*06
(
3(

,+0*0P5
,5
3(;K5
+,
:<:
6)9(:
*6473,;(:b
7<)30*(+(:
,5
‘‘b
<;,96

+,*K(
8<,
56
-<,
/(:;(
8<,
*64,5AP
(
+(9
3,**065,:
:6)9,
36:
(346:

769
:,.<5+(
=,A
,5
 ‘ •
*<(5+6
:,
+06
*<,5;(
+,
36
8<,
:0.50-0*()(
,:,

7(:(1,d
8<,
3(
,*<(5040+(+
+,
06:
56
,9(
3(
+,
<5
1<,A
047(9;0,5+6

1<:;0*0(
(
36:
7,*(+69,:b
:056
3(
+,
<5
7(+9,
.,5,96:6
8<,
79,-,9K(
3(

,8<0+(+
(
3(
1<:;0*0(b
8<,
,?0.,
T50*(4,5;,
3(
-,b
@
8<,
8<0,9,
8<,
(

*(4)06
=0=(46:
,:7090;<(34,5;,e
r,
:,5;K
():63<;(4,5;,
9,5(*0+6

v ,:*90)K(v b
*646
:0
/<)0,9(
(;9(=,:(+6
3(:
7<,9;(:
()0,9;(:
+,3
796f
706
7(9(K:6se
,96
,:6
-<,
,5
 ‘ • b
+6:
(N6:
+,:7<H:
+,3
*65-30*;6
+,

3(:
05+<3.,5*0(:e
j ()K(
33,.(+6
(
,:(
*65*3<:0P5
4<*/6f(5;,:b
*646

:6:;0,5,5
4<*/6:
,:;<+06:6:
+,
<;,96b
8<0AC
,5

-

*<(5+6
*64,5f
AP
(
79,+0*(9b
6
,5
 ‘  ‘ b
*<(5+6
:,
6*<7P
769
7904,9(
=,A
+,
3(
,7K:;6f
3(
(
36:
964(56:i
›
(:
56;(:
+,
<;,96
56
56:
7,940;,5
33,.(9
4C:
3,16:
,5
3(
9,:63<f
*0P5
+,
,:,
9647,*(),A(:e
6+,46:
=,9
36
8<,
,3,.K(
*64,5;(9
@
8<H

(<;69,:
3,K(
,5
(8<,3
464,5;6d
(5
,95(9+6
+,
3(9(=(3b
,(5
,9f

:65b
()90,3
0,3b
6/(55
(<3,9b
.<:;K5
+,
0765(e
:;,
T3;046
,9(

+,
.9(5
04769;(5*0(b
;9(;C5+6:,
+,3
;,P36.6
+,3
:0.36
0=
8<,
4C:
/()K(

/,*/6
769
*65=,5*,9
(
3(
.3,:0(
*90:;0(5(
+,
8<,
+,:7<H:
+,
3(
(K+(

56
=(3K(
3(
7,5(
:(3=(9
(
36:
:,9,:
/<4(56:b
@
8<,
3(
+,*0:0P5
+,
06:

:6)9,
8<0,5,:
+,)K(5
:,9
9,+040+6:
,9(
x7(9(
56:6;96:b
36:
/<4(56:y

;6;(34,5;,
(9)0;9(90(e
(3=(9K(
(
8<0,5,:
+,*0+0,9(b
/(*0,5+6
<:6
+,
3(

4,569
*(7(*0+(+
8<,
;<=0H9(46:
+,
+090.0956:
/(*0(
3b
;9(5:-694C5f
+656:
.9(+<(34,5;,
4,+0(5;,
:<
.9(*0(e
(9(
(3.<56:
;,P36.6:b
3(
=K(

+,
<;,96
,9(
:0473,4,5;,
(.<:;050:46
9,5(*0+6b
@
+(+6
8<,
(5

.<:;K5
5<5*(
/()K(
:0+6
63=0+(+6
+<9(5;,
3(
+(+
,+0(b
3(
:<7<,:;(

56=,+(+
+,
<;,96
,9(
,5
9,(30+(+
7P3=69(
461(+(e
,96
,5
3(
79C*;0*(

<;,96
,5:,N()(
(3.6
+0-,9,5;,d
:646:
:(3=(+6:b
+,*K(b
769
,3
90.69

1<:;0*0,96
+,
90:;6e
636
3(
-,
x1-*$'"#dR
8<,
,:
<5
+65
+,
06:b
7<,+,

*(7;(9
,:,
(-C5
1<:;0*0,96e
:(
-,
56:
33,.(
,5
<5
05:;(5;€
@
56
76*6
(

76*6e
,+0(5;,
,33(
,5;9(46:
,5
<5(
9,3(*0P5
+05C40*(
*65
06:e
(3

*646
+016
<;,96
,5
‘ŽŽb
,:
*646
<5(
r6)9(
+0=05(s
,5
5<,:;96
05;,f
-'+-=
 '
$.( 
(:;(
)(:;(5;,
+,:7<H:b
;9(:
36:
(;(8<,:
050*0(3,:
*65;9(
H3
769
,3

(:<5;6
+,
3(:
05+<3.,5*0(:b
56
*6)9P
<5(
*65-0.<9(*0P5
73,5(
:<
5<,=6

7,5:(40,5;6e
6
33(4P
r;,636.K(
+,
3(
9<As
@
36
,?7<:6
,5
,3
*(7K;<36

+,
3(
69+,5
(.<:;05(
,5
,0+,3),9.
,5
()903
+,
‘”b
,5;9,
:<:
796706:

/,94(56:e
5
+64050*6
8<,
3,
6@Pb
(9;05
<*,9
x*<@(
:<):0.<0,5;,

*65;90)<*0P5
(
3(
,-694(
,5
3,4(50(
,
5.3(;,99(
-<,
*65:0+,9()3,y

8<,+P
7(9(30A(+6
769
36
8<,
+,*K(
<;,96e
r5(
;,636.K(
+,
3(
.3690(

33(4(
)0,5
(3
4(3
@
4(3
(3
)0,5e
5(
;,636.K(
+,
3(
9<A
33(4(
(
3(:
*6f
:(:
36
8<,
9,(34,5;,
:65se
96:0.<0P
,?730*(5+6
8<,
<5
06:
+,
3(
9,f
=,3(*0P5
56:
+0*,
+,:+,
(990)(
*P46
*64769;(956:
@
8<H
/(*,9e
:(
,:

3(
;,636.K(
+,
3(
.3690(
8<,
05,=0;()3,4,5;,
+,-05,
3(
r)65+(+s
769
36

8<,
06:
+0*,
8<,
+,),9K(46:
/(*,9
@
+,*09e
69
,3
*65;9(906b
<5
06:

(4(5;,
,:
,3
8<,
:,
/(*,
+H)03
,
05:,5:(;6
7(9(
:(3=(9
(
3(
.,5;,b
79,:,5f
;,
,5
,3
4<5+6b
7,96
r6*<3;6
,5
,3
:<-9040,5;6se
5
6;9(
6*(:0P5
,?730f
*P
,3
*(7K;<36

+,3
?6+6b
,5
,3
8<,
60:H:
)<:*(
3(
.3690(
+,
06:b

7,96
:636
3,
,:
7,940;0+6
=,9
:<
,:7(3+(e
(9(
<;,96b
,:(
,:
3(
*<,:f
;0P5e
(+0,
7<,+,
=,9
(
06:
*(9(
(
*(9(
@
:,.<09
=0=0,5+6b
769
36
8<,

06:
:,
9,=,3(
,5
3(:
-694(:
@
3<.(9,:
4C:
04796)()3,:e
:;C
6*<3;6b

7,96
(*;0=6
,5
;6+(
3(
*65-<:0P5
+,
5<,:;9(
=0+(e
<;,96
9,690,5;P
3(

;,636.K(
(7(9;C5+63(
+,
3(
50=,9:0+(+
@
,3
,:;<+06
@
,5*(405C5+63(

/(*0(
,3
/6:70;(3b
,3
+6940;6906b
,3
3<.(9
+,
;9()(16e
,*K(
8<,
;6+6:

:646:
5<,:;96:
796706:
;,P36.6:
xr,3
:(*,9+6*06
+,
;6+(
3(
*9,(*0P5sye

0
,:;6
:,
/<)0,9(
9,(30A(+6b
3(
,-694(
/()9K(
*(4)0(+6
+,
(990)(
()(f
16
3(
90:;0(5+(+b
/(*0H5+63(
099,*656*0)3,e
~ +,*K(
9(:46b
9,:0+K(
3(
=,9+(+
*90:;0(5(b
r3(
-036:6-K(
+,
90:;6se
6

   
 
(
=0:0;(
+,
<;,96
(
,0+,3),9.
-<,
:<
7904,9
*65;(*;6
+09,*;6
*65
,3

4<5+6
03<:;9(+6
+,
36:
/<4(50:;(:
9,5(56:e
8<,3
4<5+6
:,
/(*K(

,*6b
(4730-0*C5+636b
+,3
r(:<5;6
<;,96se
0,5;9(:
8<,
<;,96
,5f
*65;9()(
,3
=(5.,306
,5
:<
*(4056
(
0;;,5),9.b
3(
*64<50+(+
+,

,:;<+06:6:
+,
3(
0)30(
36
,5*65;9()(
,5
,3
:<@6e
6:
*,5;96:
,9(5
(f

:03,(b
<90*/
@
:;9(:)<9.6e
(:03,(
,9(
3(
.9(5
*0<+(+
<50=,9:0;(90(

+65+,
9(:46
*6473,;P
:<
6)9(
:6)9,
,3
<,=6
,:;(4,5;6
,5
   ‘ b

,3
(N6
,5
8<,
63-.(5.
(70;6
:,
*65=09;0P
,5
79,+0*(+69
,5
3(
*(;,f
+9(3b
796-,:69
@
(@<+(5;,
+,
9(:46e
(4)0H5
,5
 ‘  ‘
6/(55,:

,*63(47(+0<:
x36
8<,
,5
.90,.6
:0.50-0*(
r3C47(9(
*(:,9(sb
:0,5+6
'
 ./-0$q)

'
-$./$)
,0-
:<
564)9,
690.05(3
,5
(3,4C5
6/(55,:
<:A.,5
6
(<::*/,05y
33,f
.P
(
(:03,(
05=0;(+6
769
,3
0479,:69
+,
9(:46b
6/(55
96),5e

*63(47(+06
(@<+P
(
9(:46
(
*65*3<09
3(:
!
;(:
@
,3
*64,5;(906
+,

:<
<,=6
,:;(4,5;6e
796?04(+(4,5;,
,5
(8<,33(
40:4(
H76*(

<3+9@*/
>05.30
z390*6
<05.306{
=0:0;P
(:03,(
7(9(
,5*65;9(9:,

*65
,3
r4C:
05:;9<0+6
+,
;6+6:
36:
,:;<+06:6:s
x9(:4 6yb
*6479(5+6

,3
<,=6
,:;(4,5;6
@
7650H5+6:,
(
,:;<+0(9
.90,.6
7(9(
,5;,5+,9f
36e
<(;96:
(N6:
+,:7<H:
<05.306
:<)09K(
(3
7<370;6
+,3
96::4U5:f

;,9
+,
T90*/b
*(70;(3
+,3
4(@69
*(5;P5
690,5;(3
:<0A6e
*/6
(N6:

+,:7<H:
(70;6
:,
/0A6
*(9.6
+,
:<
7<,:;6
*646
9,*;69
+,
3(
0.3,:0(

*63,.0(;(
+,
(5;6
64C:
,5
:;9(:)<9.6b
+65+,
:,
3,
<50,965
(9f
;05
<*,9b
(:7(9
,+0P
v 8<,
;(4)0H5
/()K(
,:;<+0(+6
,5
(:0f
3,(v
@
(;;/0(:
,33e
:;6:
-<,965
36:
047<3:69,:
+,
3(
,-694 (
,5

3(
3;(
,5(50(e
3
3#4-
#12+#,2-
+,
9(:46
9,<5K(
;9,:
=63T4,5,:
,5
<56e
(f
)K(
*64,5A(+6
*65
3(
0+,(
+,
,:*90)09
<5(
(@<+(
7(9(
,5;,5+,9
3(
0f
)30(b
,5
-694(
+,
56;(:
+6*;(:e
+0()(
36:
=0,16:
*64,5;(906:
@
8<,9K(

,5
*(4)06
56;(:
8<,
36
33,=(9(5
(
<56
(
36
8<,
3(:
7(3()9(€
:0.50-0*()(5

9,(34,5;,e
0,5;9(:
,:*90)K(b
56
6):;(5;,b
:,
+06
*<,5;(
+,
8<,
3(
;9(~

+<**0P5
(3
3(;K5
+,
3(
<3.(;(
56
+()(
3(
;(33(e
,*,:0;()(
9,(30A(9
<5(

5<,=(
7(9(
,?730*(9
3(:
56;(:e
,96
7(9(
1<:;0-0*(9
:<
79670(
;9(+<**0P5b

;,5K(
8<,
79,:,5;(9
,3
690.05(3
.90,.6e
3
=63<4,5
-05(3
*6479,5+K(

*(:0
403
7C.05(:e
6:
;9,:
=63T4,5,:
5,*,:0;()(5
;9,:
79,-(*06:e
3
790f
4,96
,9(
<5
r(30,5;6
(3
3,*;69
+,=6;6se
5
3(:
7C.05(:
+,
(8<,3
30)96b

/()K(
8<,
:,9
5,*,:(90(4,5;,
<5
796-,:69
6
<5
;,P36.6
7(9(
,5;,5+,9f
36c
)(:;()(
:,9
<5
3,*;69
9,*,7;0=6
@
70(+6:6
x8<,
:<70,9(
3(;K5
@
.90,f
.6eeeye
P46
*65:,.<0936
,9(
,3
;,4(
+,3
:,.<5+6
79,-(*06
xr6)9,
,3

4H;6+6sye
9(
*<,:;0P5
+,
:0;<(9:,
,5
<5
4(9*6
+,
7,5:(40,5;6
(+,f
*<(+6
@
:,9
*65:*0,5;,
+,3
76+,9
*64<50*(;0=6
+,3
3,5.<(1,e
3
;,9*,9

79,-(*06
,9(
<5(
r7636.K(s
8<,
:,
(5;0*07()(
(
:<:
*9K;0*6:e
9(:
/(f
),9
,5*65;9(+6
4C:
+,
<5
4033(9
+,
,9969,:
,5
3(
<3.(;(b
,:7,9()(
<5(

(=(3(5*/(
+,
*9K;0*(:b
769
36
8<,
+,+0*()(
:<
6)9(
(3
7(7(
,P5

7(9(

(:,.<9(9:,
3(
796;,**0P5
4C:
,3,=(+(
76:0)3,e
(
(99,4,;0+(
:,
796+<16
*646
*()K(
,:7,9(9b
@
56
:636
7698<,

9(:46
/()K(
;9()(1(+6
9C70+(4,5;,e
3
*(9+,5(3
 0:5 ,(:b
(9A6)0:76

+,
63,+6b
/()K(
7<)30*(+6
<5(
,+0*0P5
90=(3
,5
3*(3C
+,
,5(9,:
,5

,5,96
+,
 ‘b
@
96),5
,:7,9()(
(+,3(5;C9:,3,
(:,.<9C5+6:,
,3
790=0f
3,.06
047,90(3
7(9(
3(
=,9:0P5
+,
9(:46e
5;9,;(5;6
:,
+,:(;P
6;9(
)(f
 '
$.(  


;(33(
30)9,:*(
,5
,5(50(e
3
,9<+0;6
8<,
3(
050*0P
-<,
6/(55
,<*/305b

*656*0+6
*646
r(75065s
xr5<),
+,
/<46s
,5
.90,.6b
6
,<*/3,05
,5

(3,4C5ye
,<*/305
;,5K(
4,56:
,5,9.K(
@
*(9,*K(
+,3
+65
+,
.,5;,:
+,

9(:46b
7,96
*65;()(
*65
/()030+(+,:
305.UK:;0*(:
@
-0363P.0*(:e
5

 ‘ ‘
,9(
,3
7905*07(3
,5;,5+0+6
,5
/,)9,6
+,
3(
<967(
:,7;,5;9065(3e
,<*/305
,:;()(
;9()(1(5+6
,5
<5
.9(5
;9(;(+6
:6)9,
3(
C)(3(
g#

02#
! *'12'!d
8<,
(7(9,*0P
,5
 ‘“b
40,5;9(:
;9(;()(
+,
,3<+09
(
36:

*9K;0*6:e
5;9,
,:;6:
T3;046:
:,
/(33()(
<5
1<+K6
+,
T9,4 ),9.
8<,

:,
/()K(
*65=,9;0+6
(3
*90:;0(50:46
@
:,
/()K(
)(<;0A(+6
,5
63650(
,5

‘Œd
6/(55,:
-,--,92695e
,
/0A6
<5
564)9,
*65
7<)30*(*065,:

(5;0:,4K;0*(:b
*64,5A(5+6
*65
 #0
3"#,1.'#%#*
z3
,:7,16
+,
36:
1<f
+K6:{e
<:
(*<:(*065,:
,9(5
/()0;<(3,:
@
9,7<.5(5;,:
x(:,:05(;6:
90;<(f
3,:b
4<,9;,
+,
50N6:b
/,9,1K(
*65;<4(Ayb
,5
<5
464,5;6
,5
8<,
3(:

*(47(N(:
*65;9(
36:
1<+K6:
/()K(5
*64,5A(+6
(
;,5,9
<5
.9(5
,*6
,5

3,4(50(e
(
/()K(5
:0+6
,?7<3:(+6:
+,
<:;90(
,5
’•
@
+,
T9,4f
),9.
,5
•”
@
,:;()(5
(4,5(A(+6:
,5
(=0,9(b
+65+,
-<,965
796:*90;6:

,5
‘•e
(:
*64<50+(+,:
1<+K(:
+,:73(A(+(:
:<:*0;()(5
;,5:065,:
9(f
*0(3,:
@
9,30.06:(:
8<,
:,
=,K(5
9,-3,1(+(:
@
4(.50-0*(+(:
,5
,3
r,:7,16s

+,
-,--,92695e
5
‘Œ•
/0A6
*(47(N(
769
3(
*65-0:*(*0P5
+,
36:
30)96:

1<+K6:b
@
,<*/305
79,:,5;P
<5
05-694,
,3
(N6
:0.<0,5;,
8<,
9,*/(A()(

;(5;6
3(
3,.(30+(+
*646
,3
-<5+(4,5;6
+,3
*(:6e
,
*65=09;0P
,5
<5

/64)9,
4(9*(+6b
:<
6)9(
-<,
*65+,5(+(
769
36:
;,P36.6:
,5
63650(
@

(9K:b
:<:
,:*90;6:
-<,965
796/0)0+6:
769
,3
,47,9(+69
@
8<,4(+6:
,5

7T)30*6b
@
H3
40:46
:,
=06
6)30.(+6
(
*647(9,*,9
(5;,
3(
58<0:0*0P5

,5
(.<5*0(e
5
‘‘
:<
*(:6
,:;()(
7+0+0,5;,
+,
<5(
(7,3(*0P5
(
64(

*<(5+6
(7(9,*0,965
3(:
021
"#
&-+ 0#1
-1!30-1
e.@12-*
 1!30-03+

'0-03+{
+,
390*/
=65
<;;,5e
(16
,3
(:7,*;6
+,
*(9;(:
,:*90;(:
,5

3(;K5
4(*(99P50*6
769
:<1,;6:
05=,5;(+6:
(
<56
+,
36:
:,.<0+69,:
+,

-,--,92695b
=65
<;;,5
x@
(3.<56:
(40.6:b
@(
8<,
:,
;9(;()(
+,
<5(

0+,(
*63,*;0=(y
90+0*<30A()(
(
36:
,5,40.6:
+,
,<*/305b
796-,:69,:
@

4651,:
90+K*<36:
@
7(:(+6:
+,
46+(b
@
705;()(
<5
*<(+96
796*(A
+,

3(
*69;,
7(7(3
@
:<
,?736;(*0P5
+,
36:
(3,4(5,:e
 3
4<5+6
30;,9(906

+0:-9<;()(
+,
3(
*65;96=,9:0(
@
;64()(
7(9;0+6
(
-(=69
6
,5
*65;9(e
3

r(:<5;6
,<*/305s
-<,
<5(
,:*(9(4<A(
050*0(3
+,
<5(
*65;0,5+(
4(f
@69
:6)9,
36:
30)96:
8<,
:,
*65=09;0P
,5
,3
050*06
+,
3(
,-694(
796f
;,:;(5;,e
'
 ./-0$q)

'
-$./$)

  

(:
7,9*,7*065,:
+,
<;,96
76+9K(5
/(),9
8 <,+(+6
,5
,:6b
7,96
8<,

-<,9(5
(
4C:
-<,
<5(
+,
3(:
*65:,*<,5*0(:
56
79,;,5+0+(:
+,
36
8<,
:<f
*,+0P
,5;9,
 ‘  “ “
 ‘ Ž  e
3
(:<5;6
<;,96
:,
/(
*(30-0*(+6
*646
r<5(

9,=63<*0P5
(**0+,5;(3sb
7,96
:0
-<,
<5
(**0+,5;,b
,9(
(3.6
8<,
*()K(
,:f
7,9(9e
(
*<,:;0P5
*65
3(
8<,
*64,5AP
v 3(
=,5;(
+,
05+<3.,5*0(:v

56
,9(
5<,=(e
5
,:,
*(:6b
,3
46;0=6
(+<*0+6
,9(
3(
9,*65:;9<**0P5
+,

3(
)(:K30*(
+,
(5
,+96
,5
64(b
8<,
/()K(
*64,5A(+6
:0,;,
+H*(+(:

(5;,:
@
,:;()(
;6+(=K(
:05
(*()(9e
 3
7(7(
,P5

36
,5;,5+K(
*646
,3

76+,9
+,
<5
:K4)636
x@
<5
:K4)636
+,
76+,9y
@
7<:6
:<
:,336
(3
796@,*f
;6e
,*<990P
(
3(:
05+<3.,5*0(:
7(9(
-05(5*0(936b
7,96
36
9,*(<+(+6
33,f
.()(
3,5;(4,5;,b
@
(3.<56:
.6),95(5;,:
)368<,(965
3(
050*0(;0=(e
5
,3
*(:6
+,3
16=,5
3)9,*/;
=65
9(5+,5)<9.
+,
3(
*(:(
6/,5f

A633,95b
3(:
*6:(:
-<,965
+0-,9,5;,:d
*65
=,05;0;9H:
(N6:
-<,
564)9(+6

(9A6)0:76
+,
(.<5*0(b
79K5*07,f(9A6)0:76
+,
(.+,)<9.6
@
6)0:76
,5

-<5*065,:
+,
(3),9:;(+;b
36
8<,
36
*65=,9;K(
,5
,3,*;69
+,3
047,906b

(9*/0*(5*033,9
@
79K5*07,
769
+,9,*/6
796706e
,96
5,*,:0;()(
<5(
+0:f
7,5:(
7(7(3
769
3(
8<,
64(
79,;,5+0P
*6)9(93,
<5(
;(:(e
,.6*0(965

<5
;9(;6e
3)9,*/;
(**,+0P
(
,5*(9.(9:,
+,
3(
=,5;(
+,
3(:
05+<3.,5*0(:

,5
3,4(50(
+<9(5;,
6*/6
(N6:b
3(
40;(+
+,
*<@(:
.(5(5*0(:
09K(5
(
-0f
5(5*0(9
3(
9,*65:;9<**0P5
+,
(5
,+96
@
3(
6;9(
40;(+
(
36:
)(58<,96:

8<,
3,
79,:;()(5
,3
+05,96
7(9(
:<
+0:7,5:(e
(
67,9(*0P5
-<,
*65-0(+(

(3
+64050*6
6/(55
,;A,3b
8<,
;,5K(
8<05*,
(N6:
+,
,?7,90,5*0(
,5
,3

5,.6*06
+,
3(
*64,9*0(30A(*0P5
+,
3(
:(3=(*0P5e
05
,4)(9.6b
3(
(1650(

3,*;69(3
,9(
<56
+,
36:
3<.(9,:
+65+,
3(
=,5;(
+,
05+<3.,5*0(:
,:;()(

796/0)0+(b
@
36:
6/,5A633,95
56
,9(5
(40.6:
+,
36:
,;;05:b
3(
*(:(
+,3

,3,*;69
+,
(1650(c
(<5
(:Kb
,;A,3
79,+0*P
,5
U;,)69.b
1<:;6
,5
3(
-965f
;,9(
:(165(b
(;9(@,5+6
.9(5
(<+0,5*0(
767<3(9e
(
9,:7<,:;(
+,
<;,96
-<,
,:*90)09
<5(
*(9;(
*69;(
@
796=6*(+69(
(

:<
(9A6)0:76
v 3)9,*/;
+,
9(5+,5)<9.6v b
8<,
05*3<K(
3(:
-4#,2

7
!',!-
2#1'1b
+,5<5*0(5+6
3(
=,5;(
+,
05+<3.,5*0(:
*646
<5
()<:6
+,

*65-0(5A(e
(),
+<+(9
+,
8<,
,:(:
;,:0:
-<,9(5
7904,96
*3(=(+(:
,5
3(

7<,9;(
+,
3(
*(;,+9(3
+,
0;;,5),9.
,3

+,
6*;<)9,
+,
 ‘ “ b
*646

(:,.<9()(
,3(5*/;/65
,5
:<
:,94P5
-<5,9(3
769
<;,96b
@(
8<,
,:;,

56
8<,9K(
*(<:(9
796)3,4(:
763K;0*6:
(3
,3,*;69
+,
(1650u
@
3(:
;,:0:
56

79,;,5+K(5
:,9
<5(
33(4(+(
+,
(3(94(
7(9(
;6+(
3,4(50(e
3)9,*/;

/0A6
36
8<,
:,
,:7,9()(
+,
H3d
3(:
,5=0P
(
3(
<50=,9:0+(+
+,
(.<5*0(

7(9(
8<,
-<,9(5
,?(405(+(:
(33K
@
,5=0(+(:
3<,.6
(
64(e
5;9,;(5;6b
 '
$.( 
<5(
*670(
-<,
0479,:(
:05
3(
(<;690A(*0P5
+,
<;,96
@
;9(+<*0+(
(3
(3,f
4C5e
6:
+64050*6:
@
6;96:
-9(03,:
:(3;(965
,5
+,-,5:(
+,
,;A,3b
@
,3

9,:<3;(+6
-<,
6;9(
)(;(33(
30)9,:*(e
(9(
<;,96
:,
;9(;()(
+,
3(
.9(*0(
@
3(
:(3=(*0P5b
7,96
7(9(
:<:

6765,5;,:
:,
;9(;()(
+,
3(
(<;690+(+
7(7(3e
0)96:
@
-633,;6:
05=0;()(5

(
3(:
7,9:65(:
05:;9<0+(:
+,
3,4(50(
(
;64(9
7(9;0+6e
,
+,)(;K(
05f
;,5:(4,5;,
:6)9,
3(
9,-694(
+,
3(
.3,:0(
,5
=K:7,9(:
+,
3(
0,;(
+,

<.:)<9.6
+,
 ‘ ”e
5
64(b
,3
7(7(
,P5

76+9K(
/(),936
+,1(+6

7(:(9b
7,96
3(:
021
"#
&-+ 0#1
-1!30-1
x*65+,5(+(:
(
:,9
8<,4(+(:

769
<5(
)<3(
7(7(3
+,
 ‘“yb
@
3(
+,=(:;(+69(
+,5<5*0(
769
9(:46
+,

3(:
.<,99(:
+,3
(7(
,5
:<
3*!#
#**3+
',#6.#02'1b
7<)30*(+(
,5
:;9(:f
)<9.6
(8<,3
40:46
(N6b
,9(5
7,9;<9)(+69(4,5;,
7,9:65(3,:e
65

<;;,5
@
:<:
(40.6:
/()K(5
7<)30*(+6
3(:
.'12-*!#
(5P504(4,5;,
@

9(:46
;,5K(
(40.6:
,5
7<,:;6:
4<@
05-3<@,5;,:b
36
8<,
769
,3
46f
4,5;6
36:
/(*K(
05;6*()3,:e
<;,96b
,5
*(4)06b
,9(
<5
6:*<96
4651,

(.<:;056
:(1P5e
6+K(b
*(:0
*65
:,.<90+(+b
*65=,5*,9
(3
,3,*;69
,+,90f
*6e
(1650(
56
,:;()(
3,16:
+,
9(.(b
+65+,
3(:
*0*(;90*,:
+,
3(
/,9,1K(

/<:0;(
;6+(=K(
56
:,
/()K(5
*,99(+6e
j69
8<H
56
/(*,9
+,
<;,96
<5

,1,4736b
<5
+0:7(96
+,
(+=,9;,5*0(
7(9(
6;96:
:6)9,
3(
04769;(5*0(
+,

3(
(<;690+(+
7(7(3i
:K
:,
.,:;P
,3
796*,:6
+,
/,9,1K(
*65;9(
<;,96
(

*(9.6
+,
36:
+64050*6:b
@
-<,
*65=6*(+6
(
64(
,5
(.6:;6
+,
‘”e
,P5

56
,:;()(
;6;(34,5;,
,8<0=6*(+6b
7,96
405<:=(369()(
+6:

,3,4,5;6:
05;,99,3(*065(+6:
8<,
:,
+,46:;9(965
+,*0:0=6:e
<),:;04P

3(
+,;,9405(*0P5
+,3
,3,*;69
,+,90*6
+,
(1650(
,5
*<(5;6
(
796;,.,9
(

<;,96b
@
4(305;,979,;P
,3
46=040,5;*~8<,
:,
0)(
.,:;(5+6
,5
-(=69
+,

<;,96e
9(:
3(
6):;05(*0P5
+,
,+,90*6
,:;()(
:<
:,5:(*0P5
+,
9,:765f
:()030+(+
*646
,3,*;69
+,3
047,906
.,94C50*6e
+,4C:b
,5
,5,96
+,

 ‘ •
,3
,8<030)906
+,
-<,9A(:
763K;0*(:
,5
3,4(50(
*(4)0P
*65
3(

4<,9;,
+,3
,47,9(+69
(?04030(56
e
5
3(
:<):0.<0,5;,
*(47(N(

,3,*;69(3b
,3
=6;6
+,
,+,90*6b
<56
,5;9,
:0,;,b
,9(
+,*0:0=6e
3
7(7(+6b

8<,
56
+,:,()(
9,:7(3+(9
(
505.<56
+,
36:
+6:
*(5+0+(;6:
4C:
9,3,=(5f
;,:
x9(5*0:*6

@
(936:
y
-(=69,*0P
,5
<5
7905*0706
(
<5
*(5+0+(;6

(<;P*;656b
,3
796706
,+,90*6e
3
796*,:6
+,
/,9,1K(
*65;9(
<;,96

8<,+P
:<:7,5+0+6
+<9(5;,
<5
7,9K6+6
*9<*0(3
7(9(
3(
*65:630+(*0P5
+,

<5(
)(:,
4C:
(4730(
,5
:<
(76@6e
(
:630+(90+(+
*65
<;,96
:,
46:;9P
050*0(34,5;,
,5
3<.(9,:
79,f
+,*0)3,:b
,5
7(9;0*<3(9
,5
3(
50=,9:0+(+
+,
0;;,5),9.
@
,5;9,
36:

/,94(56:
+,
:<
69+,5b
8<,
(9+K(5
,5
+,:,6:
+,
*64)(;09
*65;9(
36:

+64050*6:c
7,96
;(4)0H5
796=056
+,
3<.(9,:
4,56:
79,=0:0)3,:b
*646
g '
 ./-0$q)

'
-$./$)
769
,1,4736
36:
()(33,96:
05+,7,5+0,5;,:
+,3
047,906b
<56
+,
36:
*<(f
3,:
:,
6-9,*0P
(
9,*3<;(9
<5
,1H9*0;6
,5
(76@6
+,
3(
*(<:(
+,
<;,96e

(4)0H5
:,
4(50-,:;P
,5;9,
3(
.,5;,
05:;9<0+(
8<,
/()K(
(76@(+6
(

,<*/305e
3
9,:,5;040,5;6
(3,4C5
*65;9(
3(
(996.(5*0(
*<3;<9(3
@
3(

,?736;(*0P5
+,
36:
0;(30(56:
,:;()(
4<@
=0=6b
(
+0-,9,5*0(
+,
3(
+,-,5:(

+,
36:
790=03,.06:
@
3(
*<3;<9(
+,
36:
1<+K6:e
<;;,5b
8<,
,5
<5
7904,9

464,5;6
7(9,*K(
05*305(+6
(
0.569(9
,3
(:<5;6
+,
3(:
05+<3.,5*0(:

*646
<5(
90N(
4,569b
,5;,5+0P
(
9(KA
+,
3(
+0:7<;(
+,
<;,96
*65;9(

*2
,5
,07A0.
,5
1<306
+,
 ‘•
8<,
6-9,*K(
<5(
6*(:0P5
7(9(
(99,4,;,9

*65;9(
<5(
.3,:0(
8<,
56
7(9,*K(
+0:7<,:;(
(
9,-694(9:,e
5
3(
0,;(

+,
<.:)<9.6
x(.6:;6
+,
‘”y
,3
3,.(+6
7(7(3
644(:6
+,
06
x*(9f
+,5(3
(@,;(56
6
(,;(56yb
.,5,9(3
+,
3(
69+,5
+,
36:
+64050*6:b
3(

,479,5+0P
*65;9(
3(
4(9,(
(:*,5+,5;,b
7,96
,5
3(
:0.<0,5;,
0,;(

x694:b
()903
+,
‘ Žyb
:<
:<*,:69
:,
=06
+,:)69+(+6d
r6+(
3,4(f
50(
,:;C
,5
9,),30P5
()0,9;(e
<,=,
+H*046:
.90;(5d
m h <;,96gn b
@
,3

6;96
+H*046
zeee{
.90;(d
m h<,9;,
(
3(
<90(
964(5(gn se
b
<;,96
5<5*(
:<),:;04P
(
:<:
(+=,9:(906:e
<
/()030+(+
,:;<=6
,5

+,:73(A(9
36:
;H94056:
+,3
+,)(;,b
(3,1C5+636
+,
3(
:(3=(*0P5
@
33,=C5f
+636
(
3(
*<,:;0P5
+,
3(
(<;690+(+e
904,96
*65
(@,;(56
,5
<.:)<9f
.6b
@
3<,.6
*65
6/(55
*2b
<;,96
;<=6
8<,
(-965;(9
*<,:;065,:
8<,

56
/()K(5
,:;(+6
,5;9,
:<:
79,6*<7(*065,:
/(:;(
3(
-,*/(e
*2
,9(
=0*,f
*(5*033,9
+,
3(
50=,9:0+(+
+,
5.63:;(+;
@
:,
/(33()(
,5
,3
*H50;
+,
:<

76+,9e
5
6;9(
*65;96=,9:0(
x:<:
 #*'1!'R
(
36:
8<,
<;,96
9,:765+0P

*65
12#0'1!'
"4#016#1
- #*'1!-1
!!''"#dR
@
4C:
;(9+,
,5
,3
+,)(;,
,5

,07A0.
,5
1<306
+,
 ‘•b
<;,96
:,
,5*65;9P
*64)(;0,5+6
,5
<5
;,99,f
56
4<*/6
4C:
(47306b
9,*/(A(5+6
3(:
(-094(*065,:
0473K*0;(:
,5
,3
+,f
9,*/6
*(5P50*6
+,
8<,
,3
6)0:76
+,
64(
,9(
*(),A(
+,
3(
.3,:0(
769

+,9,*/6
+0=056b
@
(:,.<9(5+6
8<,
36:
*65*0306:
+,
3(
.3,:0(
76+K(5
/(f
),9
*64,;0+6
,9969,:
@
+,
/,*/6
36:
/()K(5
*64,;0+6b
@
(*,7;(5+6
8<,

4<*/(:
+,
3(:
*9,,5*0(:
+,
<:
,9(5
r+,
36
4C:
*90:;0(56
@
,=(5.H30f
*6se
5
3<.(9
+,
36:
*65*0306:b
,3
+,9,*/6
*(5P50*6
@
36:
7(+9,:
+,
3(

.3,:0(b
+,-,5+K(
3(
7904(*K(
+,
3(
:*90;<9(
:6)9,
;6+(:
3(:
+,4C:
-69f
4(:
+,
(<;690+(+e
3
,,31
+'0 '*'1
+,
<;,96
-<,
‘
ŽŒe
r3
;0,476
+,
:03,5*06
/()K(

7(:(+6
@
/()K(
33,.(+6
,3
464,5;6
7(9(
/()3(9sb
*646
,:*90)0P
,5
:<

*(9;(

*
,- *#8
!0'12',
"#
*
,!'D,
*#+,b
<56
+.
36:
;9,:
4(50f
-0,:;6:
-(46:6:
+,
(8<,3
(N6e
69
7904,9(
=,A
(-965;()(
3(
*<,:;0P5

763K;0*(
.,5,9(3
+,
3(
9,-694(
+,
3(
.3,:0(
@
,3
47,906
;(3
*646
:,
/(f
)K(
*65*,)0+6
,5
3(:
+0,;(:
(3,4(5(:e

;9(=H:
+,
3(
56)3,A(
(3,4(5(
 '
$.( 
(7,3()(
(3
5<,=6
,47,9(+69
@
(-094()(
8<,
+,)K(5
r*<47309
*65
:<

+,),9
*90:;0(56b
+,-,5+,9
(
3(
.3,:0(
*65;9(
,3
(7(
@
;9(;(9
+,
8<,
:,

*65=6*(9(
<5
*65*0306
.,5,9(3
7(9(
9,-694(9
3(
.3,:0(
@
,3
:;(+6
*90:f
;0(56se
 3
40:46
;0,476
(7,3()(
(
<5(
r5(*0P5s
8<,
-<,9(
4C:
(33C
+,

:<
56)3,A(
7(9(
30),9(9
(
3,4(50(
+,
3(
;09(5K(
+,
64(
@
*9,(9
<5

(<;H5;0*6
69+,5
+0=056e
5

*' #02"
"#
3,
!0'12',-b
,3
4,5:(1,
+,

<;,96
,9(
8<,
3(
9,-694(
@
3(
9,*65*030(*0P5
*65
3(
.3,:0(
964(5(
@(

56
,9(5
36
4C:
04769;(5;,e
6
8<,
04769;()(
,9(
*P46
36:
*90:;0(56:b

05*(7(*,:
+,
.(5(9
4H90;6:
4,+0(5;,
3(:
)<,5(:
6)9(:b
76+K(5
33,=(9

<5(
=0+(
*90:;0(5(e
(
9,:7<,:;(
+,
<;,96
,9(
<5(
7(9(+61(e
646:
(
3(

=,A
30)9,:
@
56
30)9,:e
6:
/()K(46:
30),9(+6
@(
+,
3(
r;09(5K(
*3,90*(3

zeee{b
3(
790:0P5
,*3,:0C:;0*(s
7698<,
,:;C)(46:
,5
9,3(*0P5
+09,*;(
*65

06:e
<,:;9(
(;(+<9(
,9(
8<,
,:(
30),9;(+
=,5K(
*65
9,:765:()030+(+,:

*646
*90:;0(56:
7(9(
33,=(9
,3
(469
+,
06:
(3
4<5+6e
69
,3
464,5f
;6b
<;,96
+,1()(
(
<5
3(+6
36
8<,
,:6
76+K(
:0.50-0*(9
7(9(
5<,:;9(

6),+0,5*0(
(
36:
.6),95(5;,:
@
(
3(
.3,:0(e
5
,3
464,5;6
+,
3(
7<)30*(*0P5
+,

*' #02"
"#
3,
!0'12',-b
3(

9,*65*030(*0P5
+,
<;,96
*65
3(
.3,:0(
964(5(
,9(
@(
<5(
*(<:(
7,9+0f
+(e
<:
,:*90;6:
/()K(5
:0+6
*65+,5(+6:
769
3(:
<50=,9:0+(+,:
+,
 6 f
3650(
@
6=(05(e
(
)<3(
7(7(3
c6130%#
-+',#y
8<,
36
(4,5(A()(

*65
3(
,?*64<50P5
x@
;(4)0H5
(
=65
<;;,5y
(
4,56:
8<,
:,
(99,705f
;0,9(5
-<,
7<)30*(+(
,3
 ‘
+,
1<506
+,
‘ŽŒe
<;,96
3(
8<,4P
1<5;6
*65

<5(
:,3,**0P5
+,
30)96:
+,
:<:
(+=,9:(906:b
*646
9H730*(
(
3(
8<,4(
+,

:<:
796706:
30)96:
,5
,07A0.e
(
,:*,5(
,:;()(
+0:7<,:;(
7(9(
8<,
,3

r)9(A6
:,*<3(9s
(730*(9(
3(
)<3(
,5
3(
;,;(
047,90(3
+,
694:b
(
3(
8<,

:,
*65=6*P
(
<;,96e
6:
*65:,1,96:
047,90(3,:
)<:*()(5
(3.T5
46+6

+,
,=0;(9
8<,
,3
(:<5;6
<;,96
+6405(9(
3(:
+0:*<:065,:
:6)9,
3(
9,-69f
4(
+,
3(
.3,:0(e
6:
,:;(4,5;6:
:,
5,.(965
(
*65;,473(9
3(
0476:0f
*0P5
+,
<5(
796/0)0*0P5
7(7(3
,5
;0,99(:
(3,4(5(:
(5;,:
+,
8<,
36:
05f
+0=0+<6:
(-,*;(+6:
;<=0,9(5
3(
76:0)030+(+
+,
:,9
6K+6:
@
+,
9,:765+,9

(
3(:
(*<:(*065,:e
05.<56
+,
36:
+6:
)(5+6:
*65:0.<0P
36
8<,
8<,9K(b

(<58<,
+,3
*6479640:6
-05(3
:,
+,+<*K(
8<,
,9(
3(
0,;(
(3,4(5(
3(

8<,
+,)K(
+,;,9405(9
*P46
:,
9,:63=K(5
,5
:<
7(K:
36:
796)3,4(:
8<,

(-,*;()(5
(
3(
.3,:0(
@
(
3(
+6*;905(e
<;,96
9,*0)0P
796;,**0P5
047,90(3

7(9(
=0(1(9
/(:;(
694:b
,5
<5
=0(1,
8<,
:,
*65=09;0P
,5
<5(
*()(3.(+(

;90<5-(5;,e
5;,
,3
16=,5
,47,9(+69
(936:

,5
7,9:65(b
36:
30)96:

+,
<;,96
-<,965
(465;65(+6:
3,@,5+6
,5
=6A
(3;(
:<:
;K;<36:e
<;,96

-<,
05=0;(+6
(
9,*656*,936:
@
:,
3,
79,.<5;P
:0
4(5;,5K(
3(:
6705065,:

,?79,:(+(:
,5
,336:e
5
:<
9,:7<,:;(
36:
+0=0+0P
,5
;9,:
*(;,.69K(:d
”Œ '
 ./-0$q)

'
-$./$)
:<:
6)9(:
:6)9,
-,
@
469(3
,9(5
9,*656*0+(:
05*3<:6
769
:<:
,5,40f
.6:e
,5<5*0(9
(
,33(:
:,9K(
9,5<5*0(9
(3
796706
*90:;0(50:46e
6:
8<,

/()K(
,:*90;6
:6)9,
36:
4(3,:
+,
3(
.3,:0(
@
K(
*699<7*0P5
+,3
7(7(+6

:,
9,-,9K(5
(3
.6)0,956
+,
3(
90:;0(5+(+e
,*/(A(936:
:,9K(
5,.(9
8<,

/<)0,9(
9,4,+06
7(9(
3(
79670(
90:;0(5+(+e
636
,5
,3
*(:6
+,
3(
;,9f
*,9(
*(;,.69K(b
3(:
763H40*(:
*65;9(
:<:
*9K;0*6:b
*65*,+K(
8<,
36:
76f
+K(
/(),9
,:*90;6
*65
4(@69
*3(90+(+e
9.0+6
(
+(9
<5(
9,:7<,:;(
*3(f
9(b
+016
8<,
56
:,
(99,7,5;09K(
(
4,56:
8<,
:,
+,46:;9(9(
4,+0(5;,

3(
:*90;<9(
8<,
,:;()(5
,8<0=6*(+6:b
7698<,
:<
*65*0,5*0(
,9(
r*(<f
;0=(
+,
3(
7(3()9(
+,
06:se
(:
=,9:065,:
0479,:(:
+,
:<
(-094(*0P5

(N(+0,965
3(:
7(3()9(:
796-H;0*(:d
r8<K
,:;6@b
@
56
7<,+6
/(*,9
6;9(

*6:(se

 
 
    
(
,-694(
*64,5AP
,5
;0,99(:
(3,4(5(:
@
:<0A(:e
-;
3(
,?736:0=(
+Hf
*(+(
+,
‘ŽŒ
:0.50-0*()(
7(9(
*(+(
<56
*6:(:
+0-,9,5;,:b
8<,
:,
,?;,5f
+K(5
769
4,+06:
4<@
+0=,9:6:e
,
,:;()3,*0,965
5<,=(:
(30(5A(:
,5;9,

.9<76:
:6*0(3,:
@
,5;9(965
,5
(**0P5
5<,=6:
796;(.650:;(:
763K;0*6:e
3

H?6+6
+,
36:
4651,:
@
4651(:
+,
36:
465(:;,906:b
3(:
*65;96=,9:0(:

:<:*0;(+(:
769
36:
4(;9046506:
,5;9,
*3H90.6:
@
3(
763H40*(
*65;9(
3(:

r7<;(:
+,
36:
*<9(:s
05;96+<1,965
,5
3(
,-694 (
05*070,5;,
<5(
:,5f
:(*0P5
+,
30),9(*0P5b
<5(
*9,70;(5;,
,5,9.K(
:,?<(3
9,-3,1(+(
,5
36:

7,9;<9)(+69,:
+,:5<+6:
+,3
705;69
+,
0;;,5),9.
<*(:
9(5(*/b
:,f
.<0+69
@
(40.6
+,
<;,96
+<9(5;,
4<*/6
;0,476e
<,
3(
,-694(

*65:0.<0,9(
*<(1(9
,5
;6956
(
<5
*651<5;6
,4,9.,5;,
+,
0.3,:0(:
@
+6*f
;905(:
/(*0(
‘Œ
-<,
<5
.9(5
36.96b
7,96
8<,
;<=6
:<
*6:;,e
(
*6/,f
9,5*0(
:,
(3*(5AP
+,-050,5+6
<5(
9,-694(
r4(.0:;,90(3s
7905*07(3
@

,?*3<@,5+6
(
36:
+0:*65-694,:e
8<,33(:
;,5:065,:
33,=(965b
/(*0(
,3

-05(3
+,
3(
+H*(+(b
(
*65-30*;6:
:6)9,
*<C5;(:
0.3,:0(:
:,
+,)K(5
69.(50f
A(9
@
.6),95(9b
:6)9,
3(:
9,3(*065,:
,5;9,
3(:
(<;690+(+,:
,*3,:0C:;0*(:
@

3(:
:,*<3(9,:b
@
(
<5(
+03(;(+(
+,:(=,5,5*0(b
79C*;0*(4,5;,
05:(3=()3,b

:6)9,
3(
<*(90:;K(e
7(9,*0,965
5<,=6:
796;(.650:;(:b
,5
7(9;,
7698<,
8<0,5,:
:,
76f
+K(
,:7,9(9
8<,
33,=(9(5
3(
+09,**0P5
+,
36
8<,
+,)K(
:<*,+,9
9,5<5*0(f
965
(
/(*,936e
(936:

()(5+65P
,3
047,906
054,+0(;(4,5;,
+,:7<H:

+,
3(
0,;(
+,
694:
@
56
=63=0P
/(:;(
<5(
+H*(+(
+,:7<H:b
,5
‘Œe
 '
$.( E
,:+,
3(
+0:;(5*0(b
:<:
05;,9=,5*065,:
:09=0,965
T50*(4,5;,
7(9(
-9<:f
;9(9
36:
,:-<,9A6:
+,
3(
0,;(
769
9,:63=,9
3(:
+0-,9,5*0(:
4,+0(5;,
<5

65:,16
(*065(3
+,
3(
.3,:0(e
5
3(
0,;(
+,
694:
(936:

564f
)9P
(
:<
/,94(56
,95(5+6
*646
9,.,5;,
+,3
047,906c
7,96
3(
9,3(*0P5

,5;9,
(4)6:
,9(
*64730*(+(e
646
*6/,9,+,96
1<5;6
*65
(936:
+,

(?04030(56
b
,95(5+6
,:7,9()(
9,*0)09
<5(
/,9,5*0(
:<:;(5*0(3
@
:,9

,3,.0+6
,@
+,
36:
64(56:
,5
6/,40(c
7,96
(936:
8<,9K(
,=0;(9
3(

(*<:(*0P5
+,
8<,
36:
():)<9.6
,:;()(5
;9(;(5+6
+,
(76+,9(9:,
7(9(

:K
40:46:
+,3
047,906e
5
694:
(*69+P
+,1(9
(
,95(5+6
36:
*05*6

+<*(+6:
(<:;9K(*6:
@
(
*65;05<(*0P5b
,5
-,)9,96
+,
‘ŽŽb
3,
*,+0P
,3

 0963b
3(
<:;90(
5;,9069
,5
<()0(
@
,3
+<*(+6
+,
U9;;,4),9.b
9,f
*0,5;,4,5;,
6*<7(+6
769
3(
0.(
<()0(
@
.6),95(+6
;,4769(34,5;,

769
36:
():)<9.6e
(
T3;04(
7(9;,
+,
,:,
(*<,9+6
:,
4(5;<=6
,5
:,f
*9,;6b
@
*<(5+6
:,
/0A6
7T)30*(
,5
‘Ž‘
73(5;,P
+<+(:
:6)9,
3(:
05;,5f
*065,:
+,
36:
():)<9.6
*65
9,:7,*;6
(3
047,906e
5;9,
;(5;6b
,95(5f
+6
*65:630+P
:<
(<;690+(+
,5
<:;90(
@
:<7,9P
3(
9,5<,5*0(
+,
:<

/,94(56
(
:<
,3,**0P5
7(9(
,3
;9656
)6/,406
,5
‘
Ž’e
3
+<8<,
<0f
33,946

0;;,3:)(*/
+,
(=0,9(
79,:,5;P
:<
*(5+0+(;<9(
90=(3
*65

(76@6
05;,95(*065(3e
,95(5+6
5,*,:0;()(
,3
(76@6
+,
36:
,3,*;69,:
@

3(
(8<0,:*,5*0(
+,
3(
0,;(
7(9(
=,5*,9
@
,:;()(
+0:7<,:;6
(
A(51(9
,3

796)3,4(
3<;,9(56e
69
6;9(
7(9;,b
:<
90=(30+(+
*65
<(5
+,
C763@(

769
,3
;9656
+,
<5.9K(
36
,5-9,5;()(
(
3(
(4,5(A(
6;64(5(
@
*64f
7964,;K(
:<
*(7(*0+(+
7(9(
+090.09
,3
047,906e
,.T5
36:
;H94056:
+,
:<
(70;<3(*0P5b
(936:

(*,7;P
*9,(9
<5

65:,16
+,
6)0,956b
<5(
5<,=(
05:;0-)*0P5
,5
3(
8<,
36:
,:;(4,5;6:

;,5+9K(5
<5(
7(9;0*07(*0P5
+,;,9405(5;,b
8<,+(5+6
:05
,4)(9.6
6)30f
.(+6:
(
*63()69(9
*65
,95(5+6b
36
8<,
:,
+,46:;9P
+0-K*03e
6:
05;,5f
;6:
+,
047<3:(9
,3
796.9(4(
+,
9,-694(
047,90(3
,:;()3,*0,5+6
,3
04f
7<,:;6
+,3
r*H5;046
*64T5s
7(9(
-05(5*0(9
36:
.(:;6:
4030;(9,:
-9(*(:Pe

 3
;(4)(3,(9:,
,3
65:,16
+,
6)0,956b
,3
30+,9(A.6
+,3
047,906
*(@P

:6)9,
3(
 0,;(b
8<,
56
:,
765K(
+,
(*<,9+6
:6)9,
*P46
9,:765+,9
(

3(
,-694(
3<;,9(5(c
/(:;(
3(
(730*(*0P5
+,3
+0*;6
+,
694:
8<,
3(

*65+,5()(
*646
/,9,1K(
,9(
796)3,4C;0*(e
3
,3,*;69
,+,90*6
+,
(f
1695(
*65:0.<0P
8<,+(9
,?,5;6
+,
;,5,9
8<,
(730*(936
,5
:<:
79670(:

;0,99(:e
636
,5
36:
;,990;6906:
():)<9.6b
3(
(1650(
3),9;05(b
(=0,f
9(
@
9<5:>0*2
/<)6
(3.T5
05;,5;6
+,
765,936
,5
=0.69c
,3
9,:;6
:04f
73,4,5;,
36
0.569(965e
6:
,:-<,9A6:b
,5*(),A(+6:
769
<5
.9<76
+,

*0<+(+,:
047,90(3,:
x:;9(:)<9.6b
34
@
T9,4),9.y
+,
,:;()3,*,9

36:
*040,5;6:
7(9(
<5
65:,16
(*065(3
+,
3(
.3,:0(
8<,
+,)K(
9,<509f
”Ž '
 ./-0$q)

'
-$./$)
:,
,5
:709(
,5
‘Ž
:,
=050,965
()(16
*<(5+6
:<
79670(
<50+(+
:,
+0f
:63=0Pb
,5
<5(
:,90,
+,
-9(*;<9(:
+,3
047,906
.,94C50*6
+,3
8<,
,3
3<;,f

9(50:46
-<,
(
3(
=,A
3(
*(<:(
@
,5
T3;046
;H935056
,3
),5,-0*0(906e
5;9,
36:
5<,=6:
796;(.650:;(:
+,
3(
,:*,5(
763K;0*(b
<;,96
,9(

<5(
-0.<9(
(4)0.<(d
<5
/H96,
5(*065(3
56
763K;0*6e
5
:<
=0(1,
+,
9,f
.9,:6
+,:+,
694:
-<,
(7(9;(+6
+,
3(
*09*<3(*0P5
769
:<
79670(
:,.<f
90+(+
769
,3
,3,*;69
+,
(1650(
@
4(5;,50+6
,5
790:0P5
+<9(5;,
+0,A

4,:,:
,5
,3
*(:;0336
+,
(9;)<9.e
3
9,:<3;(+6
-<,
<5
9(<+(3
+,
;,?;6:

:6)9,
36:
:(*9(4,5;6:b
36:
=6;6:
465C:;0*6:b
36:
:(346:
@
3(
;9(+<**0P5

(3
(3,4C5
+,3
<,=6
,:;(4,5;6e
,96
<;,96
9,(7(9,*0P
,5
‘ŽŽ
:05

505.T5
+,:,6
+,
765,9:,
(
3(
*(),A(
+,
<5
46=040,5;6
767<3(9
50
+,

*647964,;,9:,
*65
3(:
*0<+(+,:
047,90(3,:
,5
:<:
73(5,:
+,
<5
65:,f
16
(*065(3e
:7,9()(
*65
67;040:46
8<,
3(
+0-<:0P5
+,
3(
7(3()9(
+,:f
;9<@,9(
769
:K
:63(
r3(
73(.(
+,3
9H.04,5
7(7(3se
<
7905*07(3
79,6*<7(f
*0P5
,9(
*P46
(3,5;(9
(
36:
*90:;0(56:
(
-694(9
:<:
79670(:
*64<50+(+,:

:05
:,9
6):;(*<30A(+6:
769
36:
79K5*07,:b
(
36:
8<,
+,:79,*0()(
*646

r,5
.,5,9(3
36:
4(@69,:
05:,5:(;6:
6
36:
7,69,:
*(5(33(:
+,
3(
;0,99(s
+,

36:
8<,
r:,
+,),
,:7,9(9
:0,479,
36
7,69se
k
05
,4)(9.6b
@
(<5
:05
8<,9,936b
<;,96
:,
*65=09;0P
,5
70,+9(
+,

;68<,
+,
3(
,-694(e
,5K(
:,.<0+69,:
,5
3(
50=,9:0+(+
+,
0;;,5f
),9.b
,5;9,
36:
-<5*065(906:
+,3
3,*;69(+6
:(1P5b
36:
/<4(50:;(:
9,5(f
56:
@
3(:
*0<+(+,:
+,3
:<9
+,
3,4(50(e
5;9,
36:
40,4)96:
+,
:<
796f
70(
69+,5
+,
36:
(.<:;056:b
(:K
*646
4C:
,5
.,5,9(3
,5;9,
,3
*3,96

79,+0*(+69b
:<
4,5:(1,
:,
4<3;0730*()(
@
:,
7967(.()(
/(*0(
,3
,?;,f
9069e
6:
796*,:6:
+,
3(
,-694(
796;,:;(5;,
8<,+(965
(:,5;(+6:
,5

36:
-633,;6:
0479,:6:
g*3%1!&0'$2#,d
8<,
79630-,9()(5
+<9(5;,
:<
790f
4,9(
+H*(+(
,5
;0,99(:
+,
/()3(
(3,4(5(e
96+<*0+6:
*646
7,8<,N6:

4(5<(3,:
@
+0:;90)<0+6:
9,.065(34,5;,b
:,
=,5+K(5
,5
<5
4,9*(+6

*647,;0;0=6e
C:
+,
3(
40;(+
+,
,336:
;,5K(5
:636
6*/6
7C.05(:
@
*6:;()(5
<5(

:,?;(
7(9;,
+,3
:(3(906
+0(906
+,
<5
(79,5+0Ae
9,:
*<(9;6:
+,
,336:
33,=(f
)(5
03<:;9(*065,:
?036.9(-0(+(:b
(3
4,56:
,5
3(
7C.05(
+,3
;K;<36e
(
=(f
90,+(+
@
+0=,9:0+(+
+,
-694(:
30;,9(90(:
(;,:;0.<()(
8<,
796=,5K(5
+,

6;96:
4,+06:
+,
*64<50*(*0P5d
:,9465,:b
*(9;(:b
76,4(:b
*(5*065,:b

73,.(90(:b
8<,1(:
@
,?/69;(*065,:e
<58<,
79,+6405()(5
36:
;,4(:
9,f
30.06:6:b
(7(9,*K(5
;(4)0H5
,5
,336:
6;9(:
4,5;09(:
*646j(
.<,99(
*65f
;9(
36:
;<9*6:b
,3
3,=(5;(40,5;6
+,
36:
*64<5,:b
796-,*K(:
@
:,N(3,:
40f
3(.96:(:b
,3
05;,9H:
@
3(
<:<9(e
5;9,
‘ŒŒ
@
‘Œ
:,
7<)30*(965
4C:
+,

ŒeŒŒŒ
;K;<36:b
7,96
3(
.9(5
4(@69K(
+,
,336:
(7(9,*0,965
,5
3(
+H*(+(
 '
$.( ,1,
*6479,5+0+(
,5;9,
 ‘  “
@
‘Ž“b
*(:0
;6+6:
,=(5.H30*6:e
5;9,
‘ ”
@

‘Ž‘
/()K(
76:0)3,4,5;,
(39,+,+69
+,

403365,:
+,
*670(:
+,
,:6:
-6f
33,;6:
,5
*09*<3(*0P5e
(9(
<5(
76)3(*0P5
+,
Ž
403365,:
+,
/()0;(5;,:b

,:(
*0-9(
:<,5(
46+,:;(b
7,96
,5
9,3(*0P5
*65
3(
+,
8<0,5,:
:()K(5
3,,9

,9(
0479,:065(5;,e
,:,
(3
047(*;6
+,
3(
,-694(
,5
6;96:
3<.(9,:
+,

<967(b
,5
505.<56
:,
,?7,904,5;P
,:;(
05;,5:0+(+
+,
796+<**0P5
04f
79,:(c
8<0AC
:636
,5
05,)9(
33,.(9(
(
(3*(5A(9:,b
+<9(5;,
3(:
+H*(+(:
+,

 ‘
‘œ
@
 ‘’Œb
<5(
*65=,9.,5*0(
:,4,1(5;,
,5;9,
0479,5;(
@
,-694(e
8<,336:
-633,;6:
56
,9(5
,3
T50*6
4,+06
+,
7,9:<(:0P5
,=(5.H30*(b

50
:08<0,9(
,3
4C:
04769;(5;,e
6:
7904,96:
79,+0*(+69,:
,=(5.H30*6:

-<,965
8<0AC
36:
*64<50*(+69,:
4C:
,-0*(*,:e
9(4(;0A()(5
:<
4,5f
:(1,b
+0*0,5+6
(
:<:
(<+0,5*0(:
8<,
(8<,3
,9(
,3
464,5;6
rC<9,6
@
.6f
A6:6s
,5
,3
8<,
r,3
=(5.,306
/()K(
:0+6
30),9(+6s
7(9(
r,3
4<5+6
,5f
;,96sb
+,1(5+6
+,
:,9
,3
r90:;6
5,.(+6se
3
796706
06:
,:;()(
(/69(

,5
3(
;(9,(b
@
,3
<0*06
05(3
@
,3
,056
,:;()(5
*,9*(e
,3(;()(5
:<
796f
70(
,?7,90,5*0(b
*P46
/()K(5
+,:*<)0,9;6
3(
r=,9+(+
,=(5.H30*(
*90:f
;0(5(sb
@
:630*0;()(5
<5(
9,:7<,:;(
(*;0=(e
(
=,9+(+,9(
.3,:0(b
:,
+,f
+<*K(b
,:;()(
,5
3(
*64<50+(+
+,
36:
-K,3,:e
3
=(5.,306
56
7,9;,5,*K(

(
36:
*<9(:e
6:
3(0*6:
x@
3(0*(:y
,9(5
0.<(3,:
,5
3(
-,b
6
05*3<:6
:<7,906f
9,:b
(
36:
:(*,9+6;,:e
<;,96
56
6-9,*0P
<5
)699(+69
+,
3(
,-694(e
<
05=0;(*0P5
(
3(:

*65.9,.(*065,:
*90:;0(5(:
36*(3,:
(
,3()69(936
769
:K
40:4(:
7<:6
,5

1<,.6
6;96:
796;(.650:;(:b
@
,5
,3
46=040,5;6
,=(5.H30*6
+,
3(
+H*(+(

+,
‘ŽŒ
051,9;(965
:<
4,5:(1,
,5
:<:
79670(:
79,6*<7(*065,:
@
6)1,;0f
=6:e
5
0;;,5),9.
:,
;<=6
<5(
7904,9(K5+0*(*0P5
+,
36
+0:.9,.(+69(

8<,
76+K(
:,9
3(
,-694(e
0,5;9(:
<;,96
7,94(5,*K(
,5*,99(+6
,5
,3

(9;)<9.b
,3
46=040,5;6
8<,+P
,5
4(56:
+,
:<:
*63,.(:
<50=,9:0;(f
906:e
56
+,
,336:b
5+9,(:
6+,5:;,05
=65
(93:;(+;b
,4)90(.(+6
769

:<
3,*;<9(
+,
(5
.<:;K5
@
3<,.6
769
,3
*(90:4(
+,
<;,96b
()(5+65P
:<

9,:,9=(
050*0(3e
5
+0*0,4)9,
,:;<+0(5;,:
@
6;9(:
7,9:65(:
099<470,f
965
,5
3(
0.3,:0(
7(9968<0(3b
(9961(965
36:
30)96:
+,
40:(
@
+,990)(965

,3
(3;(9c
(
*65;05<(*0P5
:,
()90,965
*(4056
/(:;(
,3
65:,16
+,
3(
*0<f
+(+b
70+0,5+6
8<,
:,
7<:0,9(
-05
(
3(
40:(e
 :K
-<,
*646
(93:;(+;
05(<f
.<9P
<5(
r*0<+(+
*90:;0(5(
+,
0;;,5),9.se
504P
(
36:
4651,:
@

4651(:
(
+,1(9
:<:
*3(<:;96:b
@
,3
+K(
+,
(5
:;,)(5
xŽ’
+,
+0*0,4)9,y

+,
 ‘ Ž 
(5<5*0P
:<
796706
*6479640:6
*65
<5(
*/0*(
+,
8<05*,
(N6:e

(
40:(
+,)K(
:,9
:<:;0;<0+(
769
(3.6
,5
36
8<,
7(9;0*07(9(
3(
.,5;,
*6f
990,5;,e
:;(
T3;04(
+,1P
:,5;09
:<
79,:,5*0(e
0,5;6:
+,
;,1,+69,:
v (

36:
8<,
<;,96
+,:+,NP
3<,.6
*646
r:6N(+69,:s
x!&5<0+#0yv b
:,
 ” '
 ./-0$q)

'
-$./$)
;9(:3(+(965
(
0;;,5),9.b
*65=,5*0+6:
+,
8<,b
*646
H3
7(9,*K(
/(),9

+0*/6b
06:
,:;()(
+,
:<
7(9;,e
6
3,:
*65=,5*K(
3(
0+,(
+,
8<,
3(
<*(f
90:;K(
-<,9(
<5
403(.96e
 3
7(5
@
,3
=056
N6
,9(5
4C:
8<,
:K4)636:

xr04C.,5,:syb
@
*9,,9
6;9(
*6:(
,9(
:0473,
r0+63(;9K(se
6)9,
,:,
;,4(b

(93:;(+;
;,5K(
*6:(:
05*,5+0(90(:
8<,
+,*09e
5
- 0#
*
0#2'0"
"#

'+:%#,#1
x‘ŽŽyb
5,.P
8<,
3(:
04C.,5,:
-<,9(5
36:
30)96:
+,
36:
76)9,:

,
05*0;P
(
:<:
3,*;69,:
(
+,:;9<09
3(:
04C.,5,:
(5;,:
+,
8<,
,:;(:
36:
+,:f
;9<@,9(5
(
,336:e
6+6
,:;6
+,:7,9;P
3(
0990;(*0P5
+,3
,3,*;69
,+,90*6
@
3(
*65:;,9f
5(*0P5
+,
<;,96b
8<0,5
-<,
-05(34,5;,
30),9(+6
+,3
*(:;0336
+,
(9;f

)<9.
@
9,.9,:P
(
0;;,5),9.e
<9(5;,
3(
:,4(5(
+,3
”
(3
’
+,
4(9A6

7965<5*0P
6*/6
:,9465,:
,5
36:
8<,
+016b
7(9(
,47,A(9b
8<,
5<,:;96

4<5+6
05;,9069
,:
5<,:;96
@
+,
5(+0,
4C:e
05.<56
+,
56:6;96:
7<,+,

46909
769
6;96b
@
:0
56:
:0;<(46:
*646
1<,*,:
+,
6;96b
0;;,5),9.
:,

*65=,9;09C
,5
6;96
(-(95(T4e
 3
4,5:(1,
+,
3(
30),9;(+
*90:;0(5(
,9(

8<,
+,)K(46:
/(*,9
36:
*(4)06:
5,*,:(906:
7,96
56
-69A(9
3(
*65*0,5f
*0(
+,
3(
.,5;,
6)30.C5+63(
(
:,.<09
,3
40:46
90;46e
6:
4651,:
@
465f
1(:
+,)K(5
()(5+65(9
:<:
*64<50+(+,:
@
*(:(9:,
:0
‰<
*65*0,5*0(
:,
36

+0*;()(
(:Ke
3
T50*6
+(N6
8<,
3(:
04C.,5,:
76+K(5
/(*,9
,9(
*65=,9;09f
:,
,5
6)1,;6
+,
=,5,9(*0P5e
06:
3,
+016
(
60:H:
8<,
56
3(:
(+69(9(5b

7,96
56
+016d
rh,:;9<0+3(:gse
(
)<,5(
.,5;,
+,
0;;,5),9.
/()K(
*(Kf
+6
)(16
<5(
05-3<,5*0(
4(30.5(
@
H3
3(
9,*/(A()(
769
*65:0+,9(93(
:,+<f
*0+(
769
-(3:6:
796-,;(:e
(
+,-050*0P5
+,
3(:
*<,:;065,:b
3(
=,36*0+(+
@
3(
(<;690+(+
7(9(

,479,5+,9
,3
*(4)06
+6405P
,3
7905*0706
+,
3(
,-694(e
9(5
*<,:;06f
5,:
8<,
<;,96
7,5:()(
8<,
+,)K(5
+,*0+09:,
36*(34,5;,e
<(5+6

,0:50.b
<5(
*0<+(+
+,
3(
(1695(
3,*;69(3b
3,
*65:<3;P
,5
‘Ž
:6)9,

*P46
796*,+,9b
3,:
+016
8<,
7<:0,9(5
3(
0.3,:0(
@
3(:
(9*(:
+,
:<
7(996f
8<0(
,5
4(56:
+,
:<
79670(
*64<50+(+e
5
‘Ž
,3
7<,)36
+,
,5f

+,3:;,05
,5
9(5*650(
9,+(*;P
69+,5(5A(:
7(9(
3(
0.3,:0(
@
:,
3(:
3,@P
,5

=6A
(3;(
(
:<
5<,=6
7(:;69b
9,*69+C5+63,
8<,
G9(
:<
r,473,(+6
@
:09f
=0,5;,
zeee{
6
56:
69+,5(9C:c
:,9,46:
56:6;96:
8<0,5,:
;,
69+,5,46:

(
;0seee
5
>0*2(<b
3(
r7,93(s
+,3
,3,*;69
,+,90*6b
:<
r7,8<,N(
,5,f

90(s
@
3(
4(@69
*0<+(+
+,3
3,*;69(+6b
,3
796*,:6
:<:*0;P
<5(
4(@69

*65-965;(*0P5e
(
*0<+(+
/()K(
*(4)0(+6
*65
,3
+,:*<)9040,5;6
+,

73(;(
,5
,3
*/5,,),9.b
(.<+0A(5+6
36:
*65;9(:;,:
,5;9,
400,5H:
:,
/(f
)K(5
),5,-0*0(+6
+,
:<
5<,=(
908<,A(
@
8<0,5,:
56
7<+0,965
/(*,936e

,94(55
</3-69;b
,3
;,:69,96
+,
3(
*0<+(+b
+090.K(
,3
--+
:05
/(*,9

(:*6:
(
3(
*699<7*0P5b
@
:<:
*<,5;(:
9,*6.,5
73(5,:
7(9(
4,169(9
3(
:(3(
 '
$.( 
+,3
(@<5;(40,5;6b
,3
7(=04,5;(+6
+,
3(:
*(33,:b
<5
5<,=6
/6:70;(3
7(9(

3(
:K-030:b
,;*e
5
‘ŽŒ
;(4)0H5
(7(9,*0P
769
(33Kb
9,*0H5
33,.(+6
+,
0;f
;,5),9.
*646
:<7<,:;6
(*P30;6
3<;,9(56b
/64(:
U5;A,9e
,:+,
,3

7904,96
+,
:<:
:,9465,:
,5
3(
7,8<,N(
0.3,:0(
+,3
+0:;90;6
+,
;,1,+69,:

+,
>0*2(<b
(;9(16
(3(:
4<3;0;<+,:
*65
:<
9,;P90*(
(5;07(7(3e
6:
56;(f
)3,:
+,
>0*2(<
:,
7<:0,965
5,9=06:6:
*<(5+6
:,
4<3;0730*(965
36:

05*0+,5;,:
=063,5;6:e
U5;A,9
-<,
(*<:(+6
+,
/(*,9
*(<:(
*64T5
*65

r.96:,96:
7(;(5,:sb
:<:
r*647(N,96:
+,
)699(*/,9(sb
8<,
7,+K(5
r:(5f
.9,
@
4<,9;,se
8<,336:
,9(5
36:
33(4(+6:
r796-,;(:
+,
>0*2(<sb
.,5;,

*646
0,3(:
;69*/b
<5
;,1,+69
+,
-<,9(
+,
3(
*0<+(+e
;69*/b
*646

U5;A,9b
,5:,N()(
8<,
3(
:*90;<9(
56
;,5K(
769
:K
:63(
,3
76+,9
7(9(

05:;9<09
(3
7<,)36
@
+,
8<,
<56
+,)K(
:,9
03<405(+6
769
,3
:7K90;<
(5f
;6e
5;9,
36:
9,:0+,5;,:
+,
3(
r(33,1(
+,
06:s
x7(9;,
+,3
+0:;90;6
+,
36:

;,1,+69,:y
:,
*9,K(
8<,
36:
796-,;(:
;,5K(5
Ž
(7P:;63,:
@
“Ž
+0:*K7<36:e

,96
36:
56;()3,:
+,
>0*2(<b
796:*90)0,5+6
(
:<:
3K+,9,:
@
9,-69A(5+6

3(
(<;690+(+
+,
:<
0.3,:0(b
9,;64(965
.9(+<(34,5;,
,3
76+,9b
,?7<3:(5f
+6
(
36:
9(+0*(3,:e
(93:;(+;b
U5;A,9
@
;69*/
33,=(965
(
6;96:
3<.(9,:
,3
4,5:(1,

+,3
:7K90;<
(5;6e
(93:;(+;
:,
;9(:3(+P
(
93(4U5+,b
(3
:<9
+,
,5(b

+65+,
/0A6
8<0;(9
3(:
04C.,5,:
+,
3(
0.3,:0(b
:,
5,.P
(
)(<;0A(9
(
36:

50N6:
,
05;,979,;()(
3(
,<*(90:;K(
*646
<5(
*,9,4650(
,5
9,*<,9+6
+,

3(
4<,9;,
+,
90:;6e
5
56=0,4)9,
+,
‘
Ž
7<)30*P
,5
(:03,(
:<
9,:f
7<,:;(
(
36:
:,9465,:
+,
<;,96
,5
0;;,5),9.
,5
:<
-633,;6
 '
1#
4

*#,2+#,2#b
,5
,3
8<,
+,*K(d
r0
(3.<0,5
=,
<5
50N6
*65
<5
*<*/0336

(-03(+6b
56
+0*,d
m ,1H46:3,b
769
(4.9
-9(;,95(3n e
,
36
8<0;(
7(9(

,=0;(9
8<,
:,
/0,9(
6
:,
4(;,se
<4,9.0H5+6:,
,5
36:
,:*90;6:
+,
36:

4K:;0*6:
+,
-05(3,:
+,
3(
+(+
,+0(b
+,:(99633P
<5(
;,636.K(
+,
9,.,f
5,9(*0P5
,:7090;<(3
,5
3(
8<,
,3
(34(
+,)K(
=(*0(9:,
@
()(5+65(9:,
(

06:
(5;,:
+,
:,9
*09*<5*0+(+(
x4,;(-P90*(4,5;,y
@
;9(5:-694(+(
9,f
5(*0,5+6
,:7090;<(34,5;,
(
;9(=H:
+,3
:7K90;<
(5;6e
 3
)(<;0:46
@
3(

,<*(90:;K(
,9(5
:,N(3,:
+,
8<,
,:(
9,.,5,9(*0P5
/()K(
;,50+6
3<.(9e

6:
50N6:
7,8<,N6:
56
76+K(5
,?7,904,5;(9
;(3
9,5(*040,5;6b
769
36

8<,
,3
)(<;0:46
+,
36:
50N6:
56
:636
,9(
*65;9(906
(
3(
0)30(b
:056
04f
79(*;0*()3,e
3
7(5
@
,3
=056
,9(5
:K4)636:b
@(
8<,
56
*()K(
,:7,9(9

8<,
5(+0,
*9,@,9(
8<,
,3
*<,976
@
3(
:(5.9,
+,
90:;6
,:;()(5
+,
(3.T5

46+6
,5
,336:e
<;,96
9,730*P
8<,
(93:;(+;
:,
/()K(
;9(.(+6
(3
:7Kf
90;<
(5;6
*65
73<4(:
@
;6+6e
<,9A(:
:0403(9,:
:,
+,:(99633(965
,5
36:
*(5;65,:
:<0A6:
+,
Uf
90*/
@
+,
,95(e
5
<90*/
390*6
<05.306
;<=6
<5
7(7,3
+,;,940f
 '
 ./-0$*)

'
-$./$)
5(5;,c
,5
,95(
,3
79,+0*(+69
6-0*0(3
,9;/63+
(33,9
-<,
<56
+,
:<:

7904,96:
:,.<0+69,:
,5;<:0(:;(:e
65
*3(90+(+
@
7,9:70*(*0(b
<05.306

796@,*;P
(8<,33(
*0<+(+
@
*(5;P5
(
3(
7904,9(
3K5,(
+,
3(
,-694(
+<f
9(5;,
3(
+H*(+(
+,
‘ŽŒe
5;,5+K(
8<,
3(
r,-694(s
:0.50-0*()(
56

:636
<5
*(4)06
+,
36
8<,
:<*,+K(
,5
3(
.3,:0(b
:056
+,
;6+(
3(
*64<50f
+(+
,5*(95(+(
,5
,:(
.3,:0(e
6:
(.,5;,:
+,
3(
,-694(
+,)K(5
:,9b

769
;(5;6b
36:
9,:765:()3,:
+,
,:(
*64<50+(+d
:<:
4(.0:;9(+6:e
8<,f
336
:,
9,-3,1P
,5
3(
.9(5
+0:7<;(
7T)30*(
,5
,3
@<5;(40,5;6
+,
T90*/

,3
Ž•
+,
,5,96
+,
‘Že
5
3(
4,:(
79,:0+,5*0(3
,:;()(5
36:
*65*,1(3,:

+,
3(
*0<+(+
9,*0H5
,3,.0+6:b
;,99(;,50,5;,:b
/64)9,:
+,
5,.6*06:b
(9f
;,:(56:
79P:7,96:
,5
:<
4(@69
7(9;,e
5;,
,336:
;,5K(5
’“
(9;K*<36:b

<5(
r73(50-0*(*0P5s
,=(5.H30*(b
769
+,*0936
(:Kb
:64,;0+(
(3
65:,16

+,
3(
*0<+(+
7(9(
:<
+0:*<:0P5
@
(796)(*0P5e
<05.306
,:;()(
(33K
*65

:<:
:,.<0+69,:
@
:<:
30)96:c
6;9(:
’ŒŒ
7,9:65(:
33,5()(5
3(
:(3(
7(9(

6K9
3(:
+0:*<:065,:e
6:
(+=,9:(906:
+,
<05.306
,:;()(5
4(3
9,79,:,5f
;(+6:
@
,?7<:0,965
4(3
:<:
(9.<4,5;6:e
<,:;065(96(
3(
(<;690+(+

+,3
65:,16
+,
3(
*0<+(+
7(9(
+,*0+09
:6)9,
;(3,:
*<,:;065,:b
7,96

<05.306
9,730*P
8<,
,9(
<5(
r(:(4)3,(
*90:;0(5(sb
<5(
r9,<50P5
+,

6)0:76:s
x:<
,?H.,:0:
+,3
<,=6
,:;(4,5;6
05:0:;K(
,5„;70,
<5
6)0:76

,9(
<5
r:<7,9=0:69sye
<:
7967<,:;(:
;9(;()(5
*<,:;065,:
@
90;<(3,:
:(f
*9(4,5;(3,:e
3
9,:<3;(+6
-<,
,3
8<,
*()K(
79,=,9e
(
73(50-0*(*0P5
+,

<05.306
-<,
(796)(+(b
:<:
:,9465,:
(<;690A(+6:b
@
,3
*3,96
+,3
*(5f
;P5
:,
=06
6)30.(+6
(
73,.(9:,e
5
T90*/
3(
,-694(
;<=6
3<.(9
769
,;(7(:
@
3(
40:(
56
:,
()630P

/(:;(
;9,:
(N6:
+,:7<H:b
7,96
@(
,5
<5
:,94P5
7965<5*0(+6
,5
:,7f
;0,4)9,
+,
9
‘Ž
,6
<+b
(40.6
+,
<05.306b
:,N(3()(
8<,
3(
90:;0(5f
+(+
69;6+6?(
@
3(
6**0+,5;(3
5<4,9()(5
+,
-694(
+0-,9,5;,
36:
0,A

(5+(40,5;6:e
(
90:;0(5+(+
69;6+6?(
/()K(
:,.<0+6
(3
1<+(0:46
,5

+,:;(*(9
,3
4(5+(40,5;6
:6)9,
3(:
r04C.,5,:
.9()(+(:sb
40,5;9(:
8<,

3(
90:;0(5+(+
6**0+,5;(3
36
/()K(
40;0.(+6
:<)69+05C5+636
(3
7904,9

4(5+(40,5;6e
<(5+6
<+
7<)30*P
:<
;,?;6b
T90*/
/()K(
*64,5A(+6

(
765,9
,5
79C*;0*(
:<
796/0)0*0P5
+,
3(
0+63(;9K(b
05*3<0+(
3(
4T:0*(

*646
-694(
+,
0+63(;9K(
(<+0;0=(e
(
0+,(
+,
<05.306
+,
3(
,<*(90:;K(

,=63<*065P
1<5;6
*65
:<
(3,1(40,5;6
+,
;6+6
36
8<,
:,
76+K(
r,5*(9f
5(9s
,5
<5
:0.56e

-05(3,:
+,3
=,9(56
+,
‘Ž‘
7<)30*P
<5(
=,9:0P5
+,

<5(
*(9;(
690.05(34,5;,
,:*90;(
,5
‘ Ž
769
695,30:
6,5b
<5
1<90:;(

@
40,4)96
+,3
65:,16
96=05*0(3
+,
63(5+(b
:,.T5
-3
*<(3
3(:
7(3(f
)9(:
r:;,
,:
40
*<,976eees
+,)K(5
:,9
05;,979,;(+(:
:04)P30*(4,5;,e

(
(+67*0P5
769
<05.306
+,
,:(
67050P5
r:04)P30*(s
+06
4(@69
9,30,f
 '
$.( 
=,
(
3(
*6990,5;,
:(*9(4,5;(3
9(+0*(3b
*65=09;0H5+6:,
,5
<5(
*<,:;0P5

8<,
+0=0+K(
(
36:
*90:;0(56:e
:(
-<,
;(4)0H5
3(
7(<;(
+,
3(
,-694(
,5
,95(e
5
‘Ž
36:
7(f
;90*06:
+,
3(
*0<+(+
9,8<090,965
(
:<
79,+0*(+69
,9;/63+
(33,9
8<,

,5:,N(9(
T50*(4,5;,
36
8<,
:,
76+K(
,5*65;9(9
,5
3(
:*90;<9(e
5


Ž
‘
,3
65:,16
+,
3(
*0<+(+
()630P
3(:
05+<3.,5*0(:b
36:
7(.6:
(3
*3,96

@
:<:
790=03,.06:
-0:*(3,:
@
3,.(3,:e
6:
4(.0:;9(+6:
(:<40,965
,3
+,9,f
*/6
,?*3<:0=6
+,
564)9(9
@
+,:7,+09
(
36:
*3H90.6:
+,3
*(5;P5e
 3
(N6

:0.<0,5;,b
;9(:
<5(
9,=<,3;(
9<9(3b
,33,9
:,
,5*65;9()(
(
3(
*(),A(
+,

<5
46=040,5;6
767<3(9
,5
,95(
*<@(
05-3<,5*0(
:6)9,
3(:
,3,**065,:

7(9(
,3
65:,16
+,
3(
*0<+(+
,5
‘Ž“
+,:,8<030)9(965
3(
)(3(5A(
,5
3(

630.(98<K(
36*(3
,5
-(=69
+,3
*(4)06
,=(5.H30*6e
,
7,940;0P
*(:(9:,
(

36:
*<9(:b
:,
()(5+65(965
3(:
40:(:
769
3(:
(34(:
+,
36:
+0-<5;6:
@
,5

,5,96
+,
‘Ž”
:,
9,(30AP
<5
+,)(;,
7T)30*6
*<@6
9,:<3;(+6
+,;,9405P

8<,
3(
,-694(
:0.<0,9(
,5
,95(
3(:
40:4(:
3K5,(:
8<,
,5
T90*/e
(
7,*<30(90+(+
+,
3(
,-694(
+,
T90*/
,9(
@(
,=0+,5;,
,5
,3
46f
4,5;6
+,
3(
4<,9;,
+,
<05.306
,5
<5(
)(;(33(
,5
(77,3
(4
3)0:
,3
 

+,
6*;<)9,
+,
‘
 b
+<9(5;,
3(
(4(9.(
*65-965;(*0P5
*65
36:
*(5;65,:

*(;P30*6:
=,*056:
8<,
(5<5*0()(
36:
*65-30*;6:
9,30.06:6:
,5;9,
,:;(+6:

8<,
,:;()(5
769
=,509e
<
:<*,:69b
,0590*/
<3305.,9b
+,*3(9P
8<,

<05.306
,9(
:<
796-,;(
@
7904,9
4C9;09e
(
7(<;(
+,
3(
,-694(
+,

T90*/
*6)9P
56
:636
(:7,*;6:
0*656-P)0*6:
@
*9646-P)0*6:b
:056
;(4f
)0H5
/(94656-P)0*6:e
<
(3(
4C:
9(+0*(3
:,
/()K(
0+,5;0-0*(+6
*65
36:

8<,
5,.()(5
,3
)(<;0:46
+,
36:
50N6:
x<05.306
36:
33(4()(
r*(;()(7f

;0:;(:s
@
56:6;96:
36:
*656*,46:
*65-6
r(5()(7;0:;(:sye
<05.306
56

36.9P
*65=,5*,936:
@
-<,965
+,;,50+6:
769
36:
4(.0:;9(+6:
@
7,9:,f
.<0+6:
)(16
<5(
69+,5(5A(
05;96+<*0+(
,5
‘Ž’b
8<,
36:
(4,5(A()(

*65
,3
(/6.(40,5;6e
3
7904,96
,5
:,9
*65=0*;6
-<,
H30?
(5Ab
/016

03,.K;046
+,
<5
*(5P50.6
+,
3(
*(;,+9(3e
65+<*0+6
,5
<5
)6;,
(3
9K6

044(;
3(
;(9+,
+,3
“
+,
,5,96
+,
‘Ž“b
-<,
(9961(+6
(3
(.<(
*65
3(:

4(56:
@
36:
70,:
(;(+6:
(
<5
7(36e
(
4(@69K(
+,
36:
+,4C:
/<@,965b

+(5+6
3<.(9
(:K
(
3(
7904,9(
+0C:769(
(5()(7;0:;(e
(
,-694(
+,
T90*/
,1,9*0P
<5(
05-3<,5*0(
56
:636
,5
,95(b
:056

4C:
(33C
+,
36:
*(5;65,:
:<0A6:
,5
,3
:<9
+,
3,4(50(b
(3
6;96
3(+6
+,3

3(.6
65:;(5A(
/(:;(
36:
(-3<,5;,:
+,3
(5<)06
@
,3
05e
33K
,:
+65+,

:,
:0;<()(5
3(
4(@69K(
+,
3(:
*0<+(+,:
047,90(3,:b
+0,*06*/6
,5
,3
(3;6

05
@
;9,05;(
,5
<()0(e
9(
;(4)0H5
,3
*69(AP5
+,3
(*96
47,906
6f
4(56b
+65+,
:,
9,<5K(5
3(
4(@69K(
+,
:<:
+0,;(:e
<:
7905*07(3,:
*0<+(f
+,:
,9(5
T9,4),9.b
<.:)<9.6b
:;9(:)<9.6
@
34b
-3(58<,(+(:
769
 '
 ./-0$q)

'
-$./$)
<5
:,.<5+6
,:*(3P5
+,
*0<+(+,:
4,+0(5(:
x694:b
65:;(5A(b
,03f

)9655
@
P9+305.,5ye
(
56)3,A(
3,
+016
(3
,47,9(+69
8<,
,5
,33(:
r36:

:<0A6:
:,
,:;()(5
+(5+6
3(
=<,3;(s
,5
<5(
,:7,*0,
+,
9,:<99,**0P5
+,3

46=040,5;6
+,
3(:
0.(:
90:,:
8<,
,5
6;96
;0,476
/()K(
33,=(+6
(
3(

:,*,:0P5
:<0A(
+,3
047,906
@
+,3
8<,
;6+(=K(
:,
.<(9+()(
4,4690(e
(

(;9(**0P5
+,
3(
65-,+,9(*0P5
,3=H;0*(
05-3<@P
:6)9,
3(
,-694(
,5
,3

:<9
+,
3,4(50(
(
;9(=H:
+,
3(
-694(*0P5
+,
3(:
,+,9(*065,:
90:;0(5(:e
,96
3(:
*0<+(+,:
+,3
:<9
+,3
047,906
+,:*<)90,965
8<,
3(
,-694(

+,
T90*/
,9(
796)3,4C;0*(e
<:
4(.0:;9(+6:
;,5K(5
8<,
,5-9,5;(9:,
(

3(
(<;690+(+
+,3
,47,9(+69
@
+,
3(:
05:;0;<*065,:
047,90(3,:e
T9,4f

),9.b
769
,1,4736
x3(
4(@69
*0<+(+
+,3
:<9
+,
3,4(50(yb
(361()(
,3

90)<5(3
<79,46
047,90(3
@
3(:
16@(:
+,
3(
*6965(
+,3
047,906e
<:

4(.0:;9(+6:
;,5K(5
8<,
,8<030)9(9
3(
79,:0P5
+,:+,
()(16
@
33,=(9
(+,f
3(5;,
,3
*(4)06
9,30.06:6
,5
3(
*0<+(+
+,5;96
+,
:<:
76:0)030+(+,:b
:6f
4,;0+6:
(
3(
05-3<,5*0(
+,
36:
*65:,9=(+69,:
+,:+,
(990)(e
(:
69+,f
5(5A(:
+,
‘ Ž
@
‘ŽŽ
05=0;()(5
(
36:
79,+0*(+69,:
796;,:;(5;,:
(
3(

*0<+(+
@
9,:;905.K(5
3(
3046:5(e
(9;,
+,
3(
*0<+(+
:,
/0A6
()0,9;(4,5;,

3<;,9(5(b
7,96
,5
‘Ž
3(:
(<;690+(+,:
,:;()(5
5,-=06:€:b
@
56
:636

7698<,
3(
*0<+(+
,:;<=0,9(
(4,5(A(+(
769
<5
05;,9+0*;6
7(7(3
@
3(

79,:0P5
047,90(3b
:056
7698<,
36:
*(47,:056:
:,
5,.()(5
(
7(.(9
36:

+0,A46:e
,
3,:
+016
(
36:
79,+0*(+69,:
8<,
+,1(9(5
:<:
:,9465,:
@
:,

9,:;905.0P
:<
<:6
+,
3(:
0479,5;(:e
,96
*<(5+6
9,79,:,5;(5;,:
+,3
,4f
7,9(+69
3,:
69+,5(965
,5
3(
0,;(
+,
T9,4),9.
+,
(8<,3
(N6
8<,

7<:0,9(5
-05
(
3(
,=(5.,30A(*0P5
,5
3(
*0<+(+
@(
,9(
+,4(:0(+6
;(9+,e
3


+,
1<506
+,
‘Ž
:,
(5<5*0(965
3(:
69+,5(5A(:
:6)9,
,3
)(<;0:46
@
:,

05;96+<16
3(
0:(
,-694(+(e
5
,3
:<96,:;,
+,
3,4(50(
3(
,-694(
796;,:;(5;,
/0A6
(7(9,*,9

6;96:
796;(.650:;(:
763K;0*6:
@
*6(30*065,:
:6*0(3,:e
3
3,=(5;(40,5;6

4030;(9
+,
36:
()(33,96:
047,90(3,:
,5
‘
ŽŽfŽ
-<,
05:709(+6
769
<;,96

@
:<:
3K+,9,:
,9(5
,=(5.,30:;(:e
3
*(:;0336
+,
9(5A
=65
0*205.,5
,5

),95)<9.
x*,9*(
+,
(93:9</,y
:,
*65=09;0P
,5
<5
*,5;96
+,
0479,5;(

@
,5
,3
;,9*,9
3<.(9
x+,:7<H:
+,
0;;,5),9.
@
T9,4),9.y
,5
(3),9.(9

<5(
9,-694(
,=(5.H30*(e
65
0*205.,5
9,*0)0P
;(4)0H5
3(
(+/,:0P5
+,

=65
<;;,5b
*65
8<0,5
:,
/()K(
,5*65;9(+6
+<9(5;,
3(
*(47(N(
4030;(9

+,
3(
0.(
<()(
*65;9(
,3
+<8<,
390*/
+,
U9;;,4),9.
,5
‘•e
65

<;;,5
(76@()(
(
=65
0*205.,5
*646
,3
3K+,9
+,3
46;€5T,5;6
5(*06f
5(3
8<,
<;,96
:,
5,.()(
(
:,9e
:7,9()(5
*65=,9;09
3(
+,:(-,**0P5
+,

36:
()(33,96:
047,90(3,:
@
3(
56)3,A(
4,569
,5
<5(
-<,9A(
4030;(9
8<,

r*9,(9(
<5(
(7,9;<9(
7(9(
,3
=(5.,306s
,5
,3
05
4,+06e
(:
+0:,5:06f
 •Œ '
 ./-0$q)

'
-$./$)
'
$.( 

3(4(93(
.<,99(
*(47,:05(
(7,5(:
*(7;(
3(
,:,5*0(
+,
(8<,3
46=0f
5,:
,5;9,
36:
56)3,:
/()K(5
+(+6
3<.(9
(3
:<9.040,5;6
+,
+0:;05;(:
30.(:

40,5;6
,?*,7*065(34,5;,
,?;,5:6
+,
.,5;,
*64T5
9<9(3
@
<9)(5(
8<,

,5
36:
*65+(+6:
+,
<()0(
@
,;;,9(<b
@
,5
(.6:;6
+,
‘ŽŽ
(39,+,+69

79,;,5+K(
9,:(9*09:,
+,
36:
(.9(=06:b
8<,
56
,,(5
5<,=6:b
+,
<5
047,906

+,
’ŒŒ
*()(33,96:
9,5(56:
:,
9,<50,965
,5
(5+(<
@
:,
*651<9(965
,5

8<,
(
:<:
616:
4(507<3()(
<5
+,9,*/6
(9;0-0*06:6
x964(56y
0.569(5+6

<5(
(:6*0(*0P5
r-9(;,95(s
)(16
3(
+09,**0P5
+,
=65
0*205.,5b
050*0(5f
:<:
+,9,*/6:
@
790=03,.06:
;9(+0*065(3,:e
6:
4,+06:
(
:<
+0:76:0*0P5

+6
<5(
6-,5:0=(
*65;9(
,3
,3,*;69f(9A6)0:76
+,
9H=,90:c
7,96
,3
3,=(5f
,9(5
()<5+(5;,:c
(:(4)3,(:
763K;0*(:
+,
4(:(:b
7,;0*065,:
@
r(9;K*<36:s

;(40,5;6
.,5,9(3
8<,
,:7,9()(5
56
33,.P
(
4(;,90(30A(9:,e
6
*658<0:f
,5
36:
8<,
73(5;,()(5
:<:
(.9(=06:b
)60*6;
(
36:
+0,A46:
@
6;96:
;90)<f
;(965
9H=,90:
@
769
,3
*65;9(906
=65
0*205.,5
4<90P
,5
()903
+,
‘Ž

;6:b
:(8<,6
+,
3(:
79670,+(+,:
465C:;0*(:
@
+,
36:
56)3,:eee
(:;(
3(:

*<(5+6
:<
79670(
-69;(3,A(
+,
<9.
(5:;,05
,5
,3
(5:;</3
:,
=06
:6f
T3;04(:
-(:,:
56
*<(1(965
3(:
)(5+(:
*(47,:05(:
,5
r,1H9*0;6:se
(

4,;0+(
(
(:,+06e
65
<;;,5
/<@P
(
<5(
0:3(
,5
,3
3(.6
65:;(5A(b
+65f
,=63<*0P5
+,
,:,
,:;(330+6
+,
76+,9
767<3(9
,:
+0-K*03
+,
+,:*90)09
769f
+,
4<90P
+,
:K-030:
,5
(.6:;6
+,
‘Že
(
0,;(
,=0;P
8<,
,3
-9(*(:6
+,

8<,
+0-,9K(
+,
<5(
9,.0P5
(
6;9(
@
:<:
9,:<3;(+6:
+,7,5+K(5
+,
3(:
*09f
3(
,=<,3;(
+,
36:
()(33,96:
(4,5(A(9(
:<
796706
+,:;056
*646
69+,5

*<5:;(5*0(:
36*(3,:e
5
3(
,3=(
,.9(b
3(
90*(
()(+K(
+,
(5
3(:
@
36:

+,5;96
+,3
047,906e
*65+(+6:
+,
<7-,5
@
;U/305.,5
:,
*65=09;0,965
,5
-6*6
+,
/<,3.(:

(
9(5
<,99(
(47,:05(
+,
‘Žf‘Ž’
-<,
<5
-,5P4,56
4C:

*65;9(
36:
+0,A46:
,5
,3
=,9(56
+,
 ‘
Že
 3
3,=(5;(40,5;6
:,
<50P

*6473,16
@
+,
4(@69
,:*(3(e
3,=P
(3
,:;(330+6
3(
633(
(
79,:0P5
+,
7905f
(3+:/<;b
<5
7<,)3,*0;6
+,3
05
(3
569;,
+,
(:03,(
*65
<5
7(:;69
9(+0f
*0706:
+,
3(
,-694(
(3,4(5(b
(3.6
8<,
(3
7(9,*,9
/()K(
:0+6
79,+0*/6

*(3b
(3;/(:(9
<)4(0,9e
769
36:
(:;9P36.6:e
5
-,)9,96b
3(
*651<5*0P5
73(5,;(90(
)(16
,3
:0.56

<(5+6
,3
46=040,5;6
:,
,?;,5+0P
(
3(
(3;(
<()0(
:,
/0A6
4C:

+,
0:*0:
79,:(.0()(
<5
(*65;,*040,5;6
8<,
*(4)0(9K(
,3
4<5+6b
8<0AC

()0,9;(4,5;,
,=(5.H30*6e
9(5+,:
)(5+(:
+,
*(47,:056:
:,
9,<5K(5

<5
5<,=6
+03<=06e
6:
/(5
33,.(+6
(39,+,+69
+,
*05*<,5;(
6)9(:
04f
,5
<5
(4)0,5;,
+,
*(95(=(3
,5
=K:7,9(:
+,
3(
*<(9,:4(
,5
-,)9,96

79,:(:
,5
,3
(N6
‘Ž
8<,
79,+,*K(5
<5
+,:(:;9,b
8<,
8<0AC
(3.<56:

+,
‘Ž‘e
<:
3K+,9,:
/0*0,965
*(<:(
*64T5
*65
,3
79,+0*(+69
9,*0H5

04(.05()(5
*646
<5
3,=(5;(40,5;6
767<3(9e
(9;,
+,
36:
9,),3+,:
(3f

564)9(+6
,5
3(
7,8<,N(
*0<+(+
047,90(3
+,
,4405.,5b
/90:;67/

:(*0(56:
(:,.<9()(5
8<,
:63(4,5;,
/()K(5
:0+6
(.,5;,:
+,
3(
=63<5;(+

*/(77,3,9e
,4405.,5
(*()()(
+,
:(309
+,
<5
*65-30*;6
*65
,3
6)0:76

+,
06:b
;(3
*646
,:;()(
,:*90;(
,5
3(:
,:;9,33(:e
+,
<.:)<9.6
:6)9,
:<
+,9,*/6
(
564)9(9
(
:<
796706
79,+0*(+69e
6:

65
7967P:0;6:
/,<9K:;0*6:b
3(
<,99(
(47,:05(
:,
79,:,5;(
(
=,f
4(.0:;9(+6:
(76@()(5
(
*/(77,3,9
+,)0+6
(
:<:
79670(:
*65=0**065,:b

*,:
*646
3(
r,-694(
9<9(3sb
*65;9(7(9;0+(
+,
3(
r,-694(
<9)(5(sb

*(+(
=,A
4C:
9(+0*(34,5;,
,=(5.H30*(:b
@
*646
9,:7<,:;(
(
3(
79,:0P5

(<58<,
,5
9,(30+(+
:,
;9(;(
+,
<5(
+0=0:0P5
(9;0-0*0(3e
3
4,5:(1,
+,

+,
36:
.9,406:e
56
+,
36:
:,.<0+69,:
+,
*/(77,3,9
,9(
,3
7,3,;,96

<;,96
;<=6
,-,*;6
4C:
(33C
+,
3(:
*0<+(+,:e
(
56)3,A(
(*;<P
*646

,)(:;0(5
6;A,9b
<5
-6.6:6
;90)<56
8<,
79,+0*()(
3(
33,.(+(
+,3
-J5
+,3

*(5(3
7(9(
3(:
0+,(:
,=(5.H30*(:e
(9;,
+,3
4,5:(1,
+,
<;,96
33,.P
:05

4<5+6b
05;,979,;(5+6
:<
796706
+,:7,9;(9
(3
=(5.,306
*646
:,N(3
+,

+0-0*<3;(+
(3
*(476b
+65+,
-<,
)0,5
(*6.0+6
+(+(
3(
,?0:;,5*0(
+,
3(:

:<
76+,9
796-G;0*6e
6:
3K+,9,:
*(47,:056:
+,
36:
7<,)36:
,5
;6956
(

;0,99(:
+,
36:
465(:;,906:
@
:<:
:<7<,:;6:
+,9,*/6:e
(
0+,(
+,
8<,
3(

,4405.,5
,5;9(965
(
3(
*0<+(+
@
8<0AC
*/(77,3,9b
6
4C:
796)()3,f
908<,A(
+,
3(
.3,:0(
/()K(
:0+6
(+8<090+(
4,+0(5;,
-9(<+,:
,*/P
9(K*,:e

4,5;,
6;A,9b
*65=09;0P
:<
30:;(
+,
(.9(=06:
,5
36:
-(46:6:
6*,
 9f
(
05-3<,5*0(
+,
<05.306
,9(
;6+(=K(
4C:
*3(9(e
 3
,5:,N(9
8<,
36:

;K*<36:
+,
,4405.,5b
7<)30*(+6:
,5
4(9A6
+,
‘
Ž
‘e
3
*()6
+,
<5
7(9

=(5.,306:
,9(5
3(
70,+9(
+,
;68<,
+,
3(
,-694(b
()90P
3(
7<,9;(
(3

+,
4,:,:
:,
/()K(5
0479,:6
4C:
+,
=,05;0*05*6
=,*,:
*646
)699(+69
+,

*<,:;065(40,5;6
+,
36:
+0,A46:b
*(9,5;,:
+,
1<:;0-0*(*0P5
)K)30*(e
5

8<,1(:
@
-6*6
+,
*65-3<,5*0(e
‘Ž
3(
5,.(;0=(
(
7(.(9
36:
+0,A46:
*64,5AP
,5
,5(50(
@
9(5*650(

:6:
(9;K*<36:
56:
6-9,*,5
<5(
7,9:7,*;0=(
+,
3(
*64)05(*0P5
+,3

@
:,
,?;,5+0P
/(*0(
,3
:<9e
5
T90*/
3(
9,:0:;,5*0(
(
36:
+0,A46:
:,
*65f
3,5.<(1,
@
36:
6)1,;0=6:
9,30.06:6:
*65
6;9(:
8<,1(:
,5
r=(5.,306

=09;0P
,5
4(9*(
+0:;05;0=(
+,
36:
4C:
047(*0,5;,:
*65
,3
*(4)06
3,5;6b

+,
(.0;(*0P5
:6*0(3se
56
+,
36:
/036:
8<,
36:
9,*699K(
,9(
3(
-0.<9(
+,

*64,5A(5+6
,5
;6956
(
0;0265
@
6330265b
7<,)36:
1<5;6
(3
3(.6
(76f
<5
/64)9,
*6990,5;,
x4C:
8<,
<5
*(47,:056yb
05+,7,5+0,5;,
+,
3(
(<f
@(+6:
769
03/,34
,<)305b
8<0,5
4C:
;(9+,
:,9K(
<56
+,
36:
(5()(7f
;690+(+
047<,:;(
@
=05*<3(+6
(
<5(
*64<50+(+
36*(3e
(16
,:(
*64<50f
;0:;(:
4C:
*656*0+6:e
  '
 ./-0$*)

'
-$./$)
'
$.( 

)3,:
7,*(+6:se
(
7904(=,9(
+,3
,=(5.,30:46
/()K(
(*()(+6
@
:,
/()K(

+(+
/()K(
<5(
56*0P5
+,
r+,9,*/6
+0=056s
05:*90;(
,5
3(
1<:;0*0(
;9(+0f
796+<*0+6
<5
+0=69*06e
6
8<,
*656*,46:
/6@
*646
r,-694(
9(+0f
*065(3
@
*64<5(3e
9(;(9
+,
+,-0509
3(
9,30.0P5
,5
,:(
9,:0:;,5*0(

*(3s
-<,
4C:
)0,5
,5
:<:
69K.,5,:
3(
40;(+
+ ,
<5(
9,3(*0P5
;09(5;,
8<,

*(47,:05(
,:
*646
+,:*64765,9
<5(
:<:;(5*0(
,5
:<:
,3,4,5;6:
8<Kf
(/69(
:,
/()K(
96;6e
40*6:d
:,
70,9+,
+,
=0:;(
36
,:,5*0(3e
(
9,30.0P5
,9(
,3
=K5*<36
8<,
+()(

(
+05C40*(
+,3
7905*0706
+,
3(
,-694(
,5-(;0A()(
+6:
9,(30+(f
K47,;<b
+05(40:46
@
7,30.96
(3
46=040,5;6e
6:
*(47,:056:
;,5K(5

+,:e
(
7904,9(
,9(
8<,
,3
*(4)06
9,30.06:6
,9(
*(7(A
+,
*9,(9
<5(
=0f
*0,9;(4,5;,
(:709(*065,:
763K;0*(:e
5
:<:
4(50-,:;(*065,:
4C:
9(+0*(f
:0P5
(3;,95(;0=(
+,3
-<;<96
763K;0*6
@
:6*0(3e
(
:,.<5+(
,9(
8<,
3(
 ,f
3,:b
3(
.<,99(
+,
36:
*(47,:056:
(9;0*<3()(
,3
+,9,*/6
+,
36:
*64<5,:
(

-694(
765K(
,5
4(9*/(
(4730(:
*6(30*065,:
,5
-(=69
+,
,:,
*(4)06e

+,765,9
(
36:
.6),95(5;,:
051<:;6:e
5
7(5-3,;6
;0;<3(+6
r
3(
(:(4f
5
,3
4<5+6
9<9(3
3(:
*6(30*065,:
+<9()(5
76*6b
7,96
,5
,3
4<5+6

)3,(
+,3
*(47,:05(+6
*64T5sb
7<)30*(+6
,5
T9,4),9.b
04(.05()(
(

<9)(56
/()K(
;,5+,5*0(:
4C:
=(90(+(:e
 33K
+65+,
3(:
*6(30*065,:
*65f
36:
;09(56:
:<:;0;<0+6:
769
*64<50+(+,:
30)9,:
+,
*(47,:056:
8<,
= 0f
;()(5
*65
,3
(76@6
+,
(9;,:(56:
@
79670,;(906:
+090.0+6:
769
(.0;(+6f
=K(5
1<5;6
(
3(:
*64<5(:
<9)(5(:
@
36:
56)3,:
@
)(16
3(
(<;690+(+
+0:f
9,:
+0:7<,:;6:
(
/(*,9
-9,5;,
(
3(:
(<;690+(+,:b
,3
46=040,5;6
769
3(

;(5;,
+,
<5
,47,9(+69
),5H-0*6e
6:
r:<0A6:
8<,
:,
+()(5
3(
=<,3;(s

,-694(
9,30.06:(
*65:0.<0P
+,:73(A(9
(3
9H.04,5
,?0:;,5;,e
65+,
:,

:,.<K(5
-694(5+6
7(9;,
+,3
:<,N6
+,
3(
.<,99(
*(47,:05(e
,5*65;9()(5
*65
<5
9H.04,5
4,56:
0473(*()3,b
,3
9,:<3;(+6
:63K(
:,9

3
9(+0*(30:46
+,
3(
.<,99(
+,
36:
*(47,:056:
:,
46:;9P
+,
<5(
-69f
<5
(*<,9+6
5,.6*0(+6
@
<5(
;9(5:0*0P5
4C:
.9(+<(3
/(*0(
<5
69+,5

4(
+0-,9,5;,
+<9(5;,
36:
T3;046:
4,:,:
+,
3(
=0+(
+,
/64(:
U5;A,9e

,*3,:0C:;0*6
9,-694(+6
,5
,3
8<,
3(
=0,1(
.<(9+0(
()9(A()(
3(
5<,=(

,:7<H:
+,
:,9
,?7<3:(+6
+,
>0*2(<
,5
 ‘Žb
:<
,?0:;,5*0(
5P4(+(
36

*6(30*0P5
@
3(
(7(*0.<()(e
 33K
+65+,
3(:
5<,=(:
*6(30*065,:
,9(5
+Hf
33,=P
(
9(.(
@
-05(34,5;,
(3
7,8<,N6
,5*3(=,
-69;0-0*(+6
:(1P5
+,
33f

)03,:
@
4(3
+090.0+(:b
@
(-965;()(5
<5(
676:0*0P5
+,*0+0+(b
-9(*(:(f
:;,+;b
+65+,
+090.0P
<5(
9,-694(
9(+0*(3
@
*,5:<9P
:,=,9(4,5;,
(
<;,f

)(5e

4,+0+(
8<,
36:
*0*36:
+,3
-,94,5;6
<9)(56
:6*0(3
@
763K;0*6
:,

96
*646
,3
4(5+(9K5
+,
0;;,5),9.e
3

+,
1<306
+,
‘Ž
7965<5*0P

()9K(5
*(4056b
,3
9,:<3;(+6
:63K(
:,9
7<,:
<5(
:,90,
+,
*6479640:6:

<5
:,94P5
05*,5+0(906
(5;,
,3
+<8<,
<(5
+,
(1650(
@
:<
/016
<(5
,f
763K;0*6:
@
9,30.06:6:e
+,90*6e

7(9;09
+,3
;,?;6
+,3
:,.<5+6
*(7K;<36
+,3
30)96
+,
(50,3b
,5
,3


-05(3,:
+,
3(
+H*(+(
+,
‘ŽŒ
*64,5A()(5
(
*65:630+(9:,
36:
9,f
8<,
,:;,
05;,979,;(
,3
:<,N6
+,
()<*6+656:69b
3(5AP
<5
33(4(40,5;6
(

:<3;(+6:e
6:
4(.0:;9(+6:
+,
+,*,5(:
+,
*0<+(+,:
047,90(3,:
,5
9(5f
3(:
(94(:
*65;9(
36:
:,N69,:
8<,
67904K(5
(3
=(5.,306e
9(:
*65:,.<09

*650(b
,3
*,5;96
+,
3,4(50(b
,5(50(
@
36:
4C9.,5,:
:<0A6:
(796)(f
9,<509
(
<56:
8<050,5;6:
*0<+(+(56:b
/<@P
+,
3(
*0<+(+
+<9(5;,
3(
56f
965
3,@,:
8<,
(*,7;()(5
3(
,-694(
796;,:;(5;,e
6:
*(5;65,:
+,

*/,
+,3
“
(3
”
+,
(.6:;6
+,
‘Žb
;9(:3(+C5+6:,
(
3(
7,8<,N(
*0<+(+
04f
T90*/
@
,95(
/0*0,965
36
40:46e
5
,3
:<9
+,
3,4(50(b
+65+,
3(
05f
7,90(3
+,
U/3/(<:,5
,5
<905.0(b
+65+,
9,(5<+P
:<
(.0;(*0P5
79646f
-3<,5*0(
+,3
796;,:;(5;0:46
,=(5.H30*6
/()K(
:0+6
*65:0+,9()3,b
,3
5Tf
=0,5+6
<5(
0.(
;,95(
+,
06:b
*65
*<@6
(76@6
+,7<:6
(
36:
9,.0+69,:

4,96
+,
*0<+(+,:
047,90(3,:
8<,
(796)(965
3(:
69+,5(5A(:
8<,
9,-69f
+,
3(
*0<+(+
x’
+,
4(9A6
+,
‘Ž‘y
@
,30.0P
,5
:<
3<.(9
<5
65:,16

4()(5
3(
.3,:0(
:,
76+K(5
*65;(9
,5
‘
Œ
*65
36:
+,+6:
+,
<5(
4(56e

;,956e
,:+,
(33K
,:*90)0P
*(9;(:
(76*(3K7;0*(:
(
:<:
:,.<0+69,:b
05=0f
5
,3
569;,
+,
3,4(50(
@
,5
3(
*6:;(
)C3;0*(
,3
46=040,5;6
,=(5.H30*6

;C5+63,:
(
(3A(9:,
@
(508<03(9
(
:<:
,5,40.6:e
:636
,:;()(
*64,5A(5+6
(
765,9:,
,5
4(9*/(b
(<58<,
-05(34,5;,
(*(f
3

6
+,
4(@6
:,
<50P
*65
:<
*65;05.,5;,
(
<5(
)(5+(
+,
*(47,:0f
)(9K(
*6)9(5+6
(33K
3(
40:4(
04769;(5*0(e
5
;,990;6906:
(3,4(5,:
4C:

56:
9,<50+(
,5
9(52,5/(<:,5b
,
04(.05C5+6:,
(
:K
40:46
*646
<5

(47306:b
36:
7904,96:
79K5*07,:
8<,
(+67;(965
,3
3<;,9(50:46
v ,5
3(

,+,P5
+,
36:
T3;046:
+K(:b
,3
f‘
+,
4(@6
33,=P
(
:<:
:,.<0+69,:
(

(1650(
3,*;69(3
<(5
,3
65:;(5;,b
8<,
:<*,+0P
(
,+,90*6
,3
()06
,5

3(
(508<03(*0P5
769
3(:
;967(:
+,
36:
79K5*07,:
9,<50+(:
,5
;6956
(
3(

‘
Ž
‘b
@
,307,
+,
,::,v
,9(5
76*6:e
6:
79K5*07,:
4C:
,5H9.0*6:
+,3

*0<+(+e
3
40:46
-<,
*(7;<9(+6b
;69;<9(+6
@
+,*(70;(+6
+6*,
+K(:
+,:f
569;,
+,
3,4(50(
:,.<K(5
67650H5+6:,
(3
3<;,9(50:46€
*65=,5*0+6:

7<H:e
8<,3
56
-<,
,3
-05(3
+,
3(
.<,99(
+,
36:
*(47,:056:
7,96
:K
<5

+,
8<,
3(:
+0,;(:
(*()(9K(5
,5*65;9(5+6
<5(
-694(
+,
*651<5;(9
3(
 ,f
(*65;,*040,5;6
+,*0:0=6b
,5
7(9;,
7698<,
*646
9,:7<,:;(
(3
33(4(f
-694(
+,3
47,906
@
3(
+,
3(
.3,:0(e
C:
5<4,96:6:
,9(5
36:
8<,
56

40,5;6
(
3(:
(94(:
+,
U5;A,9
<;,96
7<)30*P
:<
-633,;6
-,20
*1
&-0V
"1
*"0-,1
7
1#1',1
"#
*-1
!+.#1',-1b
*65+,5C5+636:
769
:<:
r;,990f ;64()(5
7(9;0+6b
:05
9647,9
*65
3(
.3,:0(
(5;0.<(
7,96
:05
6765,9:,
(
 '
$.( •
3(
+0-<:0P5
+,
3(
79,+0*(*0P5
,=(5.H30*(
,5
:<:
;,990;6906:
40,5;9(:
:<

79670(
(<;690+(+
56
:,
=0,9(
(4,5(A(+(e
(
:,*<3(90A(*0P5
+,3
;,990;6906
79<:0(56
+,
3(
9+,5
,<;P50*(
,5

‘Ž‘
-<,
<5
*(:6
(7(9;,b
@
56
:636
7698<,
56
-694()(
7(9;,
79670(f
4,5;,
+,3
047,906b
:056
;(4)0H5
7698<,
:<
(*,7;(*0P5
+,
3(
,-694(

*()(3.()(
:6)9,
,3
3646
+,
<5
*63(7:6
+,3
69+,5
-9,5;,
(
3(
+6)3,
(4,f
5(A(
+,
36:
+,:P9+,5,:
*(47,:056:
05;,956:
@
+,
3(
*658<0:;(
763(*(

+,:+,
-<,9(e
(:
=(*03(*065,:
79,=(3,*0,5;,:
7(9,*K(5
(*69+,:
*65
3(

+,*0:0P5
j#'!&1 1!&'#"j
+,
3(
0,;(
+,
:709(
,5
‘Ž’b
:,.T5
3(
*<(3

*(+(
,:;(4,5;6
+,)K(
*65+<*09
:<:
(:<5;6:
9,30.06:6:
r*65
,:7,9(5A(
@

*65-0(5A(
,5
9,:765+,9
+,)0+(4,5;,
(
06:
@
(
:<
(1,:;(+
47,90(3s

/(:;(
8<,
:,
9,<50,9(
<5
65:,16
,5,9(3
+,
3(
.3,:0(
6
<5(
:(4)3,(

(*065(3e
:;6
+06
(
36:
79K5*07,:
@
(
3(:
*0<+(+,:
+,
3(
0,;(
36
8<,
(*()(9K(

:0,5+6
*656*0+6
*646
,3
r+,9,*/6
+,
9,-694(s
c'31
0#$-0+,"'yb
,:;6

,:b
,3
+,9,*/6
(
+,*0+09
:6)9,
3(
9,30.0P5
+,
:<:
:T)+0;6:e
6)9,
,:(
)(:,

,307,
+,
,::,
@
<(5
,3
()06
+,
(1650(
*9,(965
<5
4(9*6
7(9(
,3

,:;()3,*040,5;6
+,
0.3,:0(:
;,990;690(3,:
,5
:<:
+640506:b
40,5;9(:
,f

3(5*/;/65
@
<;,96
3,:
6-9,*K(5
3(
1<:;0-0*(*0P5
+,
769
8<H
<5
.6),9f
5(5;,b
+0=05(4,5;,
:,N(3(+6b
;,5K(
,3
+,),9
*90:;0(56
+,
79646=,9
36:

=(5.,306:
,5
3(:
;0,99(:
)(16
:<
1<90:+0**0P5e
(
+,*0:0P5
+,
3(
0,;(

+,
:709(
,9(
:05
,4)(9.6
796=0:065(3
@
76+K(
:,9
9,=,9;0+(e

-05(3,:
+,

3(
+H*(+(
+,
‘ŽŒ
36:
.6),95(5;,:
;,990;690(3,:
+,3
047,906
*64,5A(f
965
(
*65:;0;<09
(30(5A(:
*65-,:065(3,:e
5
3(
0,;(
+,
‘Ž•b
*65=6*(+(

;(4)0H5
,5
:709(b
,3
*(476
047,90(3
@
(;P30*6
,9(
4C:
-<,9;,e
3
(9f
*/0+<8<,
,95(5+6
9,*65:;9<@P
3(:
(30(5A(:
+,
36:
():)<9.6
,5
,3

:<9
+,
3,4(50(e
3
+<8<,
69.,
r,3
(9)<+6s
+,
3(
(1650(
(3),9;05(b
,3
4C:
-094,

+,
36:
79K5*07,:
*(;P30*6:
(3,4(5,:b
56
,:*65+K(
:<
*65=0**0P5
:6)9,

*<C3,:
,9(5
36:
+,),9,:
7905*07,:*6:e
06:
)<:*(9K(
=,5.(5A(
*65;9(

36:
r4(9;050(56:s
8<,
/()K(5
05;96+<*0+6
3(
/,9,1K(
,5
3(
90:;0(5+(+
@

*(:;0.(9K(
(
36:
8<,
56
3(
/()K(5
+,-,5+0+6
(+,*<(+(4,5;,e
(
0,;(

+,
‘Ž•
9,=6*P
,3
#'!&1 1!&'#"
(5;,9069
@
7<:6
,5
=0.69
,3
+0*;6
+,

694:
(33K
+65+,
,9(
76:0)3,e
(
4(@69K(
+,
36:
,:;(+6:
36
(*,7;(965b

@
796*,+0,965
(
796/0)09
*<(38<0,9
0556=(*0P5
9,30.06:(e
3
A<05.30(f

50:46
-<,
;(4)0H5
796:*90;6
,5
,3
047,906b
@
8<0,5
-<,9(
*65=0*;6
+,

)(<;0:46
(+<3;6
:,9K(
*65+,5(+6
(
4<,9;,e
3.<56:
+,
36:
,:;(+6:
9,(**065(965
-9,5;,
(
,:(
+,*0:0P5
7<)30f
*(5+6
,3
•
+,
1<306
+,
‘Ž•
<5(
r796;,:;(s
x+,
(/K
,3
564)9,
+,
r796f
 '
 ./-0$q)

'
-$./$)
;,:;(5;0:46syb
-094(+(
769
=(906:
79K5*07,:
@
769
36:
9,79,:,5;(5;,:
+,

*(;69*,
*0<+(+,:
047,90(3,:e
8<,33(
796;,:;(b
8<,
(9.<4,5;()(
8<,

<5(
+,*0:0P5
4(@690;(90(
56
76+K(
(5<3(9
<5(
+,*0:0P5
<5C504,
+,
<5(

0,;(
(5;,9069b
@
8<,
<5(
+,*0:0P5
+,
*65*0,5*0(
:6)9,
3(
9,30.0P5
,9(

(3.6
,5;9,
,3
05+0=0+<6
@
06:b
:,
*65=09;0P
,5
,3
-<5+(4,5;6
+,
3(
 ,f
-694(
3<;,9(5(e
5
‘Œ
:,
=63=0P
(
*65=6*(9
3(
0,;(b
,:;(
=,A
,5

<.:)<9.6
*65
3(
79,:,5*0(
+,3
796706
(936:
b
4(5;,50,5+6
:,:06f
5,:
+,:+,
()903
/(:;(
:,7;0,4)9,e
3
(9*/0*(5*033,9
:630*0;P
+,*3(9(*06f
5,:
,:*90;(:
:6)9,
3(
*<,:;0P5
9,30.06:(e
6:
796;,:;(5;,:
3<;,9(56:
9,:f
765+0,965
*65
36:
9;K*<36:
+,
69.(<b
8<,
;9(;()(5
7905*07(34,5;,

*<,:;065,:
+,
69.(50A(*0P5
,*3,:0C:;0*(e
,307,
,3(5*/;/65b
8<,
(*<f
+0P
(
3(
0,;(b
79,:,5;P
;(4)0H5b
,3
Ž‘
+,
1<506b
<5(
+,*3(9(*0P5
+6*;90f
5(3
e-,$#11'-
3%312,jR
(*647(N(+(
+,
3(
-094(
+,
 
79K5*07,:
@

+6:
*0<+(+,:
047,90(3,:b
6:
,:;(+6:
r,=(5.H30*6:s
+,
,5(50(
@
3(:

*0<+(+,:
+,3
:<96,:;,
+,
3,4(50(b
+65+,
<05.306
/()K(
.(5(+6
:,f
.<0+69,:b
79,:,5;(965
:<
79670(
*65-,:0P5b
*656*0+(
*646
,;9(7630f

;(5(
x769
3(:
*<(;96
*0<+(+,:
,5
*<@6
564)9,
:,
79,:,5;Pd
:;9(:)<9f
.6b
65:;(5A(b
,4405.,5
@
05+(<ye
(
,-694(93<;,9(5(
,9(
(/69(

<5(
,5;0+(+
*65
*65-0.<9(*0P5
79670(e

     


     

(
40569K(
796;,:;(5;,
,5
3(
0,;(
(-965;()(
<5(
;(9,(
9,(34,5;,
+0-Kf
*03e
<58<,
,3
,47,9(+69
,:;<=6
(<:,5;,
+<9(5;,
3(
+H*(+(
+,
‘Œb
:<

(<;690+(+
,5
,3
569;,
@
6,:;,
:,
9,-69AP
+,:+,
36:
(K:,:
(16:e
5
,3

6,:;,b
36:
7905*07(3,:
9,-<,9A6:
(3
*(;630*0:46
=050,965
+,
36:
+<8<,:

+,
69,5(
@
,3
*65+(+6
():)<9.6
+,
69.6N(e
5*3<:6
3(
90=(30+(+
+,

36:
0;;,3:)(*/
,5
(=0,9(
:,
(30=0P
*<(5+6
,3
+<8<,
390*/
9,*<7,9P

U9;;,4),9.
,5

e
6:
.6),95(5;,:
;,990;690(3,:
(3,4(5,:
:,.<K(5

(-,99(+6:
(3
*65*,7;6
+,3
047,906
@
3,(3,:
(3
,47,9(+69
*646
.(9(5;,

+,
,:;()030+(+
763K;0*(
@
+,3
69+,5
,5
,3
,0*/e
(
,?;,5:0P5
+,3
796;,:f
;(5;0:46
,5;9,
3(
56)3,A(
:636
-<,
*(4)0(5+6
,3
,8<030)906
+,
-<,9A(:

4<@
76*6
(
76*6e
(
0.(
+,
:4(3*(3+(b
*65:;0;<0+(
,5
 ‘  
(
7(9;0u
+,
3(
40569K(

796;,:;(5;,
+,
3(:
,5;0+(+,:
;,990;690(3,:b
,9(
<5(
56=,+(+
,5
3(
763K;0*(

047,90(3d
<5(
*6(30*0P5
*65-,:065(3
;9(5:9,.065(3
*65
:<
796706
;,:696b

;967(:b
(:(4)3,(:b
@
(
-05(3,:
+,
3(
+H*(+(
+,
‘Œb
:<
79670(
763K;0*(
 '
$.( •‘
,?;,9069e
(:
*(),A(:
4C:
79<+,5;,:
:,.<K(5
7,5:(5+6
8<,
3(:
+0=0:06f
5,:
+,3
047,906
,9(5
;,4769(3,:
@
8<,
:,
9,:63=,9K(5
,5
;6956
(
<5(

.3,:0(
(3,4(5(
46+,9(+(4,5;,
9,-694(+(e
:;(
T3;04(
3,:
7(9,*K(
3(

67*0P5
4C:
*9,K)3,
(
8<0,5,:
*65:0+,9()(5
3(
9,*<7,9(*0P5
+,
3(
<50f
+(+
763K;0*(
*646
79,99,8<0:0;6
7(9(
,3
796.9,:6
,5
6;96:
-9,5;,:e
69

,:6
36:
;,P36.6:b
3,.0:3(+69,:b
1<90:;(:
@
+07364C;0*6:
:,
9,<50,965
7(9(

+0:*<;09
:6)9,
,3
(:<5;6
,5
3(:
+0,;(:
+,
<.:)<9.6
x‘Œyb
(.<,5(<

x‘b
‘•y
@
(;0:)65(
x ‘yb
(<58<,
:0,479,
-9(*(:(965b
;,940f
5(5+6
*65
4<;<(:
9,*90405(*065,:e
9(+<(34,5;,
-<,
8<,+(5+6
*3(f
96
8<,
36:
79K5*07,:
@
*0<+(+,:
(3,4(5,:
;,5+9K(5
8<,
+,*0+09
769
:<

*<,5;(
(
-(=69
6
,5
*65;9(
+,
3(
,-694(e
3
,47,9(+69
(936:
b
05*0;(+6
(
3(
(**0P5
769
3(
,:*,5(
05;,95(f
*065(3
(:K
*646
769
3(
0.(
(;P30*(
+,
79K5*07,:
(3,4(5,:b
;9(;P
+,

9,=,9;09
,3
*9,*0,5;,
(=(5*,
+,3
3<;,9(50:46
4,+0(5;,
3(
-<,9A(
4030f
;(9e
<58<,
56
,:;C
*3(96
*<C5+6
:,
;64P
,:(
+,*0:0P5
,?(*;(4,5;,b
3(

:0;<(*0P5
/()K(
4(+<9(+6
*65
3(
:<*,:0P5
+,3
+<8<,
(<90*06
(
3(
(f
1695(
+<*(3
,5
‘  e
<
,5-68<,
+09,*;6
.(3=(50AP
(
36:
*(;P30*6:
+,3

047,906
,
05;,5:0-0*P
3(
79,6*<7(*0P5
+,
3(
0.(
+,
:4(3*(3+(b
8<,

7(9(
,5;65*,:
:,
/()K(
+,)030;(+6e
(
)0.(40(
+,
,307,
+,
,::,
+,f
)030;P
:<:
79,;,5:065,:
+,
9,79,:,5;(9
,3
+,),9
*90:;0(56
+,
36:
79K5*0f
7,:e
5
(;(8<,
*651<5;6
*65;9(
9<5:>0*2f63-,5)U;;,3
769
,::,
@

3(
(1650(
,3,*;69(3
=(*0P
:<
;,:696
*651<5;6e
 3
33(4(40,5;6
+,3
(7(

(
<5
*65*0306
.,5,9(3
+,
3(
.3,:0(
8<,
+,)K(
9,<509:,
,5
9,5;6
,5

‘‘
(*()P
*65
36:
,:-<,9A6:
+,
/(33(9
<5(
:63<*0P5
9,.065(3
(
3(:
+0f
=0:065,:
+,3
047,906
4,+0(5;,
<5
*65*0306
(3,4C5e
69
,5*04(
+,

;6+6b
3(
(A
+,
9H7@
x:,7;0,4)9,
+,
‘y
3,
+06
(
(936:
3(
:,.<90f
+(+
8<,
5,*,:0;()(
+,
8<,
9(5*0(
56
05;,9=,5+9K(
,5
(76@6
+,
3(
0.(

+,
:4(3*(3+(e
(
*(47(N(
4030;(9
3(5A(+(
769
,3
,47,9(+69
*65;9(
36:
796;,:;(5f
;,:
-<,
*<0+(+6:(4,5;,
73(5,(+(
@
)9033(5;,4,5;,
,1,*<;(+(e
,
(:,.<f
9P
,3
(76@6
+,
3(
(1650(
+<*(3
@
+,
(=0,9(
7964,;0H5+63,:
3,*;69(f
+6:e
+,4C:b
6-9,*0P
(3
+<8<,
<033,946
+,
(=0,9(
,3
4(;9046506

*65
<5(
+,
3(:
/01(:
+,
,95(5+6
@
(3
+<8<,
(<90*06
3(
(+4050:;9(*0P5

+,
3(:
3<*9(;0=(:
+0P*,:0:
+,
(.+,)<9.6
@
(3),9:;(+;e
<,.6b
,5
=K:f
7,9(:
+,
3(
0,;(
+,
(;0:)65(
,5
1<306
+,
‘’b
(5<5*0P
(
36:
796;,:f
;(5;,:
8<,
,:;()(
6)30.(+6
(
(*;<(9
*65;9(
36:
r79K5*07,:
+,:6),+0,5f
;,:s
7650,5+6
-<,9(
+,
3(
3,@
(3
3(5+.9(=,
+,
,::,
@
,3,*;69
+,
(1650(

769
<5(
:<7<,:;(
8<0,)9(
+,
3(
7(A
047,90(3e
:;6
+,:=0P
(:;<;(4,5;,
3(

*<,:;0P5
/(*0(
3(
79,:,9=(*0P5
+,3
+,9,*/6
@
3(
1<90:+0**0P5
047,90(3e
 '
 ./-0$q)

'
-$./$)
,9*0)0,5+6
8<,
(-965;()(5
<5(
)(;(33(
+,*0:0=(b
36:
40,4)96:
4,90f
+065(3,:
+,
3(
0.(
+,
:4(3*(3+(
9,<50,965
4C:
+,
‘ŒeŒŒŒ
/64)9,:b

40,5;9(:
8<,
36:
,3,*;69,:
*3(=,
+,3
047,906
x(.<5*0(b
63650(b
9Hf

=,90:b
9(5+,5)<9.6y
(5<5*0()(5
:<
5,<;9(30+(+e

3(:
;967(:
+,3
,4f
7,9(+69
3,:
33,=P
;0,476
33,.(9
7,96
:,
*65:0.<0P
*65;,5,9
(
3(
0.(e
(

46=030A(*0P5
+,
,95(5+6
:,
/()K(
=0:;6
;(4)0H5
+0-0*<3;(+(
769
3(
9,f
),30P5
,5
6/,40(
@
3(:
;967(:
+,3
+<8<,
(<90*06
:,
5,.(965
,5
<5

7904,9
464,5;6
(
*64)(;09
1<5;6
(
36:
,:7(N63,:e
05(34,5;,b
56
6):f
;(5;,b
<5
,1H9*0;6
*64)05(+6
:(1P5
@
)6/,406
05=(+0P
3(
(1650(
3,*f
;69(3b
+,996;(5+6
(
3(:
-<,9A(:
+,
<(5
,+,90*6

,3
(.5C5046
,5

U/3),9.
xŽ
+,
()903
+,
‘“y
@
*(7;<9(5+6
(3
796706
,3,*;69e
3
•

+,
4(@6b
1<:;6
<5
(N6
+,:7<H:
+,
3(
4<,9;,
+,
<;,96b
3(:
;967(:
047,f
90(3,:
,5;9(965
,5
0;;,5),9.
:05
5,*,:0+(+
+,
*64)(;09e
5
:<
-+#,V
20'-
"#
*
%3#00
"#
*#+,'
&#!&
.-0
0*-1

x‘•yb
,3
/0:;690(+69

*(:;,33(56
<0:
+,
=03(
@
TN0.(
,:*90)0P
8<,
,3
,1H9*0;6
047,90(3
*9<f
A(5+6
,3
3)(
3,
/()K(
9,*69+(+6
(3
+,
H:(9
*9<A(5+6
,3
<)0*P5e
5

‘”
0A0(56
705;P
(3
,47,9(+69
(
*()(336
9,4,469(5+6
3(
04(.,5
+,

<9,96
+,
36:
*<(;96
105,;,:
+,3
76*(307:0:e
b~
(936:
b
+,*0+0+6
(
(796=,*/(9
3(
=0*;690(b
*65=6*P
,5
‘”
3(

0,;(
+,
<.:)<9.6e
65
:<:
;967(:
(33K
+06
(
*656*,9
,3
,2#0'+
3V

%312,3+b
,5
,3
8<,
/(*K(
(3.<5(:
*65*,:065,:
(
3(:
:,5:0)030+(+,:
796f
;,:;(5;,:
7,96
04765K(
,5
36
,:,5*0(3
,3
*(;630*0:46
@
(4,5(A()(
36:

790=03,.06:
+,
8<0,5,:
:,
67<:0,9(5
(
:<
(<;690+(+e
(
4(@69K(
+,

36:
,:;(+6:
796;,:;(5;,:
*,+0,965b
*65
3(
,?*,7*0P5
+,
(.+,)<9.6b

<56
+,
36:
7904,96:
,5
(+67;(9
3(
,-694(
x‘Žy
@
40,4)96
+,:+,
,3

7905*0706
+,
3(
0.(
+,
:4(3*(3+(e
9(:
,3
,2#0'+b
36:
9,-<.0(+6:
:,

79,*070;(965
+,5;96
+,
3(:
4<9(33(:
40,5;9(:
3(
*0<+(+
:,
79,7(9()(

7(9(
+,-,5+,9:,
*65;9(
3(:
-<,9A(:
+,3
+<8<,
(<90*06
+,
(1650(e
5

<5
(:,+06
8<,
+<9P
4C:
+,
<5
(N6b
3(:
;967(:
+,3
+<8<,
8<,4(965
36:

:<)<9)06:
@
9,*/(A(965
36:
05;,5;6:
+,
9647,9
,3
(:,+06b
7,9+0,5+6

eŒŒŒ
/64)9,:
(5;,:
+,
8<,
(.+,)<9.6
5,.6*0(9(
<5(
*(70;<3(*0P5

,5
56=0,4)9,
+,
‘‘ e
,5;96
+,
3(
*0<+(+
(:,+0(+(
;<=6
3<.(9
<5(

56;()3,
;9(5:-694(*0P5b
*65+<*0+(
769
;,P36.6:
@
7<)30*0:;(:
8<,
,5

:<
4(@69K(
56
,9(5
/()0;(5;,:
(<;P*;656:e
(9;4(55
,@,9b
(;;/0(:

3(*0<:
33@90*<:
@
0263(<:
=65
4 :+69-
7<)30*(965
-633,;6:
,5
36:

8<,
:,
796*3(4()(5
*646
36:
(<;H5;0*6:
/,9,+,96:
,:7090;<(3,:
+,3

4,5:(1,
+,
<;,96
@
(
(.+,)<9.6
*646
3(
r(5*033,9K(
+,
<,:;96

,N69
06:se
0263(<:
(33<:
-<,
,3
(<;69
+,
3(
-,$#1'D,R
',1203!!'D,
7

"4#02#,!'
+,
‘
‘Œb
8<,
(9.<4,5;()(
,3
+,),9
+,
36:
4(.0:;9(+6:
+,
3(
 '
$.( 
*0<+(+
x*646
r4(.0:;9(+6:
4,569,:s
+,3
047,906y
+,
9,:0:;09:,
(
3(:

(**065,:
05*65:;0;<*065(3,:
,
051<:;(:
+,3
,47,9(+69e
3
(:,+06
+,
(.+,)<9.6
-<,
<5(
4(50-,:;(*0P5
+,
3(
763K;0*(
+,

*65=0**065,:b
,5
3(
8<,
3(
0+,5;0+(+
9,30.06:(
0)(
(
(*()(9
:0,5+6
*6,?f
;,5:0=(
*65
3(
3,(3;(+
763K;0*(b
(4)(:
05:,9;(:
,5
40;6:
+,
:(3=(*0P5
/0:f
;P90*(4,5;,
(99(0.(+6:e
<
9,:0:;,5*0(
+,46:;9()(
8<,
3(
676:0*0P5

(94(+(
:6)9,
)(:,:
9,30.06:(:
76+9K(
;90<5-(9e
5(
=,A
8<,
:,
3,=(5;P

,3
(:,+06b
,3
+<8<,
(<90*06
:,
*65=09;0P
+,
(.,5;,
-69,:;(3
,5
*(A(+69

-<9;0=6
+090.0,5+6
<5(
5<,=(
9,),30P5
+,
36:
79K5*07,:
*65;9(
,3
,47,f
9(+69
,5
‘‘Ž
8<,
(+67;P
7(9(
:<
79670(
*(<:(
,3
(9.<4,5;6
+,
36:

r4(.0:;9(+6:
4,569,:se
(936:

:,
=06
6)30.(+6
(
*65*,+,9
*646
3,@

79,*0:(4,5;,
,3
'31
0#$-0+,"'
8<,
/()K(
;9(;(+6
+,
,30405(9
4030;(9f
4,5;,e
(
(A
+,
<.:)<9.6
x‘‘‘y
6-9,*0P
,3
4(9*6
7(9(
3(
,-694(

76:;,9069
,5
;0,99(:
(3,4(5(:b
3,.(30A(5+6
,3
3<;,9(50:46
,5
4(56:
+,

3(
(<;690+(+
,:;()3,*0+(e
     

(
,-694(
:0;<P
,3
-6*6
:6)9,
,3
*65;963
+,
3(:
9,3(*065,:
,5;9,
36
8<,

3(
.,5;,
*9,K(
@
*P46
:,
*64769;()(e
(
04769;(5*0(
+,
3(:
r*65-,:06f
5,:s
,:*90;(:
9,:0+K(
,5
8<,
796*<9()(5
79,*0:(4,5;,
,:(
(+,*<(*0P5e

6
,9(
<5(
*605*0+,5*0(
8<,
3(
7904,9(
+,
,33(:b
3(
65-,:0P5
+,

*/3,0;/,04
x‘Ž“y
-<,9(
<5(
+,*3(9(*0P-0
+,
7905*0706:
+,
36:
(5()(7f

g
;0:;(:
:<0A6:e

9(KA
+,
3(
+,996;(
,5
3(
<,99(
+,
36:
(47,:056:b
36:

9,:;6:
+0:7,9:6:b
)(16
3(
79,:0P5
+,
8<0,5,:
5,.()(5
;6+6
36
8<,
/()K(5

+,-,5+0+6b
:,
,:-69A(965
769
,?765,9
:<
=0:0P5
+,
3(
.3,:0(b
;(3
*646

/()K(
,?0:;0+6
,5
36:
+K(:
+,
36:
7P:;63,:e
5
:<
4(@69K(
,9(5
.,5;,

+,3
*(476e
(
65-,:0P5
,9(
<5(
+,*3(9(*0P5
*6@<5;<9(3
,5
:0,;,
(9f
;K*<36:c
4<*/6:
+,
36:
-<;<96:
(5()(7;0:;(:
,?79,:(9K(5
:<:
*9,,5*0(:

+,
46+6
+0-,9,5;,e
<
;,636.K(
;,5K(
(
4,5<+6
<5(
04769;(5*0(
:,*<5f
+(90(
*65
9,:7,*;6
(
3(
-694(
,5
8<,
=0=K(5e
0=09
,5
,3
4<5+6
*9,(+6b

7,96
56
+,
H3b
:<765K(
<5(
67*0P5
4<@
+<9(e
5*3<K(
:0b
@
,5
8<H

*09*<5:;(5*0(:b
+,)K(5
9,*656*,9
3(
(<;690+(+
+,
79K5*07,:
8<,
,5
:<

67050P5
56
,9(5
,5
():63<;6
*90:;0(56:e
5(
*64<50+(+
*90:;0(5(
+,

)0,5,:
,9(
6;96
0+,(3
*64T5b
(<58<,
9,(30A(+6
+,
-694(
+0-,9,5;,
,5

+0:;05;6:
.9<76:e
5
<0A(
@
,3
:<9
+,
3,4(50(
,3
(5()(7;0:46
,9(

*647(;0)3,
*65
,3
/6.(9
-(4030(9
*646
-6*6
7904(906
+,
=0+(
@
+,
'
 ./-0$q)

'
-$./$)
•”
*9,,5*0(:e
5
69(=0(b
,5
*(4)06b
<5(
5<,=(
+0B:769(
33,=P
(
36:
(5(f
)(7;0:;(:
(
*0<+(+,:
4C:
7,8<,N(:
x0263:)<9.b
9U55
@
5(04yb
@

3<,.6
x;9(:
+0=0:065,:
05;,95(:y
(
(:,5;(40,5;6:
,5
;0,99(:
+,
36:
56f
)3,:e
96*3(4C5+6:,
(
:K
40:46:
*646
36:
(<;H5;0*6:
:,.<0+69,:
+,

(*6)
<;;,9b
<5
*(90:4B;0*6
(5()(7;0:;(
+,3
=(33,
+,
<:;,9b
=0=K(5
,5

*64<50+(+,:
+,
(39,+,+69
+,
‘ŒŒ
7,9:65(:
,5
3(:
8<,
36:
(5*0(56:
69f
.(50A()(5
3(:
*(:(:
*64<5(3,:b
.<(9+,9K(:b
,:*<,3(:
@
3(
796+<**0P5

(9;,:(5(3b
4(5;,50H5+6:,
(
:K
40:46:
,5
<5
4<5+6
8<,
,5
.,5,9(3
,9(

,3
40:46
+,
(5;,:e
5
3,4(50(b
<:;90(
@
<0A(
36:
(5()(7;0:;(:
;<f
=0,965
8<,
:<-909
3(
7,9:,*<*0P5
;(5;6
+,
36:
796;,:;(5;,:
*646
+,
36:

*(;P30*6:e
65
,3
;0,476
(79,5+0,965
(
(+(7;(9:,
(
,33(b
,=0;(5+6
,3

:,9=0*06
4030;(9
<
6;96:
+,),9,:
*65;9(906:
(
:<
*65*0,5*0(b
(*,7;(5+6

(7(9,5;,4,5;,
3(
9,30.0P5
+,3
79K5*07,b
(:,.<9(5+6
8<,
:<:
/016:
:,
*(f
:(9(5
T50*(4,5;,
*65
6;96:
(5()(7;0:;(:
@
4(5;,50,5+6
:<
-,
(
,:*65f
+0+(:e
(
9,30.0P5
*65-,:065(3b
;,990;690(30A(+(b
(3,5;()(
;(3
*65-6940f
+(+
,?;,95(b
7,940;0,5+6
(
36:
(5()(7;0:;(:
7,94(5,*,9
*646
<5(

79,:,5*0(
405690;(90(
,5
,3
*,5;96
+,
<967(e
 33K
+65+,
3(:
*65+0*06f
5,:
36*(3,:
36
-(=69,*K(5b
*646
,5
,3
:<9,:;,
+,
6;(=0(e6
,5
,3
*(6:
+,

3(:
05*070,5;,:
796=05*0(:
5,,93(5+,:(:
:,7;,5;9065(3,:b
76+K(
:,9
,5

;6956
(
’ŒŒ
3(
9,30.0P5
+,
(39,+,+69
+,3
Œ
769
ŒŒ
+,
3(
76)3(*0P5e
(

7,9:,*<*0P5
+,
36:
79K5*07,:
@
3(
=0.03(5*0(
+,
36:
4(.0:;9(+6:
<9)(56:

56
,99(+0*P
,3
(5()(7;0:46b
8<,
9,79,:,5;()(
*<,:;065,:
8<,
3(
,-69f
4(
/()K(
73(5;,(+6
7,96
56
9,:<,3;6e
(
*9,*0,5;,
:<7,9,:;9<*;<9(
+,
/0:;690(+69,:
796;,:;(5;,:
9,+(*;P

3(:
*65-,:065,:
3<;,9(5(
@
A<05.30(5(
@
*04,5;P
3(
r,-694(
4(.0:;,f
90(3s
z*65:,5:<(+(
*65
3(:
(<;690+(+,:
:,*<3(9,:b
(
+0-,9,5*0(
+,
3(

r,-694(
9(+0*(3s{e
 ,
/,*/6b
,3
796*,:6
/()K(
*64,5A(+6
@(
*65
36:

;9(;(+6:
8<,
+,-05K(5
3(:
*9,,5*0(:
+,
3(
,-694(e
6
8<,
<;,96
*65f
:0+,9()(
*646
*9,,5*0(:
*(5P50*(:
(7(9,*0P
,5
:<
r(;,*0:46
(@69s

7<)30*(+6
,5
()903
+,
‘
Ž•
7(9(
:<
,:;<+06
769
3(:
*9,*0,5;,:
79646*06f
5,:
+,
,:;<+0(5;,:
+,
;,636.K(
+,
0;;,5),9.e
,
(33K
:(30P
,3
r(;,*0:f
46
,569s
8<,
<;,96
+,:;05()(
(3
<:6
,5
,3
(4)0,5;,
+64H:;0*6
@
,5

3(:
,:*<,3(:e
(
,-694(
*(4)0P
36
8<,
,9(5
3(:
*9,,5*0(:
9,30.06:(:e

(
90:;0(5+(+
*65-,:065(3
:,
*65=09;0P
,5
<5(
9,30.0P5
*65
<5
*9,+6

,5
,3
8<,
3(:
(<;690+(+,:
:,*<3(9,:
@
9,30.06:(:
;,5K(5
<5(
7(9;0*07(*0P5

*651<5;(
,5
3(
(+4050:;9(*0P5
+,
36:
,?C4,5,:
+,
-,
@1+,3
*65;963
+,3

*64769;(40,5;6e
6:
79K5*07,:
796;,:;(5;,:
(796=,*/(965
3(
050*0(;0=(
7(9(
+,-0509

3(:
*9,,5*0(:e
9(:
3(
+,*0:0P5
+,
3(
0,;(
+,
:709(b
,307,
+,
,::,
 '
$.( ••
ŒŒ '
 ./-0$*)

'
-$./$)

*65=6*P
,5
6*;<)9,
+,
 ‘Ž’
(
:<
*3,96
,5
64)<9.b
@
*65
3(
(@<+(
+,

9(5F60:
(4),9;b
(5;0.<6
-9(5*0:*(56
+,
=0NP5b
796*3(4P
<5(
,f *65*030(90(:
,5
,3
6368<06
+,
(9)<9.6
(
7905*0706:
+,
6*;<)9,
+,

-694(
7(9(
:<
7905*07(+6
8<,
05*3<K(
047<,:;6:
7(9(
:<:
,:*<,3(:
@
 ‘
Ž•b
(3
8<,
(*<+0,965
<05.306b
<;,96
@
4<*/6:
;,P36.6:
7(9;0+(906:

/6:70;(3,:
@
(@<+(
(
36:
76)9,:e
<;,96
56
8<0:6
7(9;0*07(9
@
*63()69P
+,
<56
@
6;96e
(
+0:7<;(
:,
*,5;9P
,5
3(:
r7(3()9(:
+,
05:;0;<*0P5s
+,
3(

,5
:<
3<.(9
*65
,3
,3,*;69
<(5
,3
65:;(5;,
,5
3(
,3()69(*0P5
+,
<5
<*(90:;K(e
<;,96
3(:
,:*90)0P
;,(;9(34,5;,
*65
;0A(
:6)9,
<5
;()3,96
(3

46+,36
7(9(
0;;,5),9.
8<,
:,
(+67;P
,5
,3
3,*;69(+6
@
8<,
-<,
*6f *640,5A6d
r:;,
,:
40
*<,976s
c -!
#12
!-0.31
+#3+dU
0.<0P
<5
,5*(9f
70(+6
,5
6;96:
7905*07(+6:
3<;,9(56:e
6:
:,9=0*06:
,*3,:0C:;0*6:
:,
,:f 50A(+6
+,)(;,
:6)9,
*P46
+,)K(5
05;,979,;(9:,
,:(:
7(3()9(:b
:0
,5
:,5f
;(5+(90A(965
,5
;6956
(
3(
0:(
3,4(5(
+,
<;,96b
36:
465(:;,906:
,
;0+6
30;,9(3
6
4,;(-P90*6b
@
56
/<)6
(*<,9+6e
<;,96
7,9*0)0P
3(:
79,f
05-9(,:;9<*;<9(:
,*3,:0C:;0*(:
8<,+(965
)(16
3(
1<90:+0**0P5
+,
3(:
(<;6f :065,:
763K;0*(:
7(9(
8<,
33,.(9(
(
<5
*6479640:6b
7,96
:,
4(5;<=6

90+(+,:
:,*<3(9,:b
:,
564)9(965
7(:;69,:
,=(5.H30*6:
@
:,
050*0P
<5
-094,d
r6
7<,+6
,:*(7(9b
3(
(3()9(
,:
+,4(:0(+6
-<,9;,se
3
:<,N6

796*,:6
9,.<3(9
+,
=0:0;(:
(
3(:
7(9968<0(:b
4,+0(5;,
,3
*<(3
36:
79K5*0f +,
<05.306
+,
<5(
r<50P5s
:,
+,:=(5,*0P
@
:,
9,=,3P
<5
+0:;(5*0(f

7,:
;64(965
,3
*65;963
+,
3(
,-694(
,5
,33(:e
6
,:
:6979,5+,5;,
8<,
40,5;6
-<5+(4,5;(3
,5;9,
+6:
3K5,(:
+0-,9,5;,:
+,
3(
,-694(e
3
*0:f
3(
*,5;9(30A(*0P5
+,
36:
7905*07(+6:
,5
3,4(50(
*605*0+0,9(
(
4,5<+6
4(
56
:,
796+<16
T50*(4,5;,
,5
3(
90:;0(5+(+b
:056
;(4)0H5
+,5;96

*65
,3
7,9K6+6
,5
,3
8<,
36:
79K5*07,:
796;,:;(5;,:
*65:630+(965
:<
+6f +,3
46=040,5;6
8<,
3(
,:;()(
+,:.(99(5+6
x:05
79,;,5+,936ye
40506
4,+0(5;,
,3
*(4)06
9,30.06:6e
(:
9,-694(:
(*,7;(+(:
769
36:
79K5*07,:
9,:<3;(965
:,9b
56
:636
,5

3,4(50(b
:056
,5
6;96:
3<.(9,:
+,3
569;,
+,
<967(b
)(:;(5;,
*65:,9f
=(+69(:e
(
,-694(
:<,*(
,:
<5
)<,5
,1,4736e
3
9,@
<:;(=6

(:(b

(796=,*/(5+6
,3
464,5;6
+,
,4(5*07(*0P5
+,3
+640506
+(5H:b
+,:f
76:,@P
(
3(
.3,:0(
+,
:<:
;0,99(:b
,?7<3:P
(3
*3,96
4(@69
+(5H:b
564f
)9P
(
:<:
796706:
6)0:76:
,
05:;0;<@P
<5(
9,-694(
,5
3(
8<,
3(
0:(

<,*(
4(5;,5K(
(3;(9,:b
*9<*0-016:b
=,3(:b
=,:;04,5;(b
3(
09.,5
(9K(
@

36:
+K(:
+,
36:
:(5;6:e
6
T50*6
8<,
*(4)0P
-<,
,3
<:6
+,
3(
3,5.<(
=,9f
5C*<3(
,5
3<.(9
+,3
3(;K5b
3(
*64<50P5
,5
(4)(:
,:7,*0,:
@
3(
:<79,:0P5

+,3
05*0,5:6
@
,3
(.<(
),5+0;(e
8<,33.
9,-694(
79<+,5;,
:,
46:;9P

+<9(+,9(b
7,96
:<
:630+,A
;<=6
<5
79,*06e
,:*(5:()(
:6)9,
,:;9<*;<f
9(:
9,30.06:(:
+,
(990)(
()(16
,5
3(:
8<,
3(:
-<,9A(:
:,*<3(9,:
+,:,47,f
N()(5
<5
7(7,3
+6405(5;,e
33K
+65+,
6*<990P
(3.6
7(9,*0+6b
,3
;,469

(
36:
r-69C5,6:s
x,5
<5
7904,9
464,5;6
*(;P30*6:b
7,96
3<,.6
;(4)0H5

56
3<;,9(56:y
,9(
:636
<5(
-(*,;(
+,
3(
6):,:0P5
769
,3
r69+,5sb
4(50f
-0,:;6
,5
3(
3,.0:3(*0P5
8<,
.6),95()(
,3
*64769;(40,5;6
:6*0(3
@
46f
9(3
+,
3(
.,5;,e
(
+05C40*(
,?736:0=(
+,
3(
,-694(
+<9P
4C:b
,5
*(4)06b
,5
,3

7(0:(1,
<9)(56e
33Kb
@
,:7,*0(34,5;,
,5
,5(50(b
<90*/
6-9,*K(
<5

46+,36
(3;,95(;0=6b
4,56:
*65:,9=(+69
@
*65
+0:;05;(:
9,3(*065,:
+,

76+,9
@
*64<50*(*0P5e
:;(:
T3;04(:
:,
*65*,5;9(965
,5
3(:
9,3(*065,:

,5;9,
7(3()9(:
@
(**065,:b
,5;9,
,3
4<5+6
,:7090;<(3
@
,3
4<5+6
;(3
*<(3

,:e
<;,96
;,5K(
<5(
67050P5
4<@
05;9(5:0.,5;,
:6)9,
,:(
*<,:;0P5b
@

<05.306
6;9(
4<@
+0:;05;(e
3
3(5+.9(=,
,307,
+,
,::,
05;,5;P
9,f
   '
 ./-0$q)

'
-$./$)

),5,+0*;056:
+,
(+<(b
7(9;,
+,
<5
.9<76
9,-6940:;(
5(*0+6
,5
,3
46f
5(:;,906
+,
65;,
(::056
x*656*0+6
*646
3(
r*65.9,.(*0P5
*(::0f

5,:(sy
,:;<+0()(
36:
,:*90;6:
+,
36:
7(;90(9*(:
.90,.6:
7(9(
+,46:;9(9

8<,
,9(
<5(
+0*6;64K(
-(3:(b
@
8<,
;(5;6
3(:
6)9(:
/<4(5(:
*646
3(

.9(*0(
+0=05(
,9(5
5,*,:(90(:
7(9(
+,=63=,9
3(
5(;<9(3,A(
/<4(5(
(

3(
=K(
8<,
06:
3,
/()K(
4(9*(+6e
<*/(:
6;9(:
*6:(:
,:;()(5
,5=<,3;(:

,5
,3
3,5.<(1,
@
,3
;656
*65
8<,
:,
79,:,5;()(
,3
796;,:;(5;0:46e
 :
 :
  
7(9;09
+,
‘Ž
,3
3<;,9(50:46
,9(
<5(
/,9,1K(
*65+,5(+(
769
,3

7(7(+6b
6=(05(b
3(
69)65(
@
63650(c
7,96
3(:
*09*<5:;(5*0(:
763K;0f
*(:b
*64)05(+(:
*65
:<
79670(
+05C40*(b
*65=09;0,965
3(
9,-694(
+,

<;,96
,5
(3.6
8<,
56
:,
76+K(
,30405(9
054,+0(;(4,5;,e
:;6
/0A6
4C:

(
90:;0(5+(+
+,:*(5:()(
:6)9,
*040,5;6:
*<3;<9(3,:b
:6*0(3,:
@
763Kf
*6473,1(
3(
9,:7<,:;(
05:;0;<*065(3e
(:
(<;690+(+,:
:,*<3(9,:
@
,*3,f
;0*6:
8<,
9,-3,1()(5
3(:
05:;0;<*065,:
@
/C)0;6:
+,
7,5:(40,5;6
8<,

:0C:;0*(:
56
:,
409()(5
+,
-9,5;,e
+,4C:b
,3
796;,:;(5;0:46
56
,9(
3(

4(5;,5K(5
:<
;,10+6
@
=0;(30+(+e
5
,3
*69(AP5
+,
3(
90:;0(5+(+
3(;05(

T50*(
(4,5(A(
7(9(
3(
90:;0(5+(+e
5
,3
,+0;,99C5,6
36:
6;64(56:

,:;()(
,3
46:(0*6
+,
6)0:7(+6:
0;(30(56:
x;(5;6:
*646
,5
;6+6
,3
9,:;6

,:;()(5
4C:
*,9*(
@
36:
796;,:;(5;,:
*65:;0;<K(5
<5(
*<,:;0P5
+,
:,.<5f
+,
3(
90:;0(5+(+
6**0+,5;(3y
@
P9+,5,:
9,30.06:(:
8<,b
1<5;6
*65
3(

+6
69+,5e
<*/6:
,:7,9()(5
8<,
(3.T5
6;96
9,:63=0,9(f,3
796)3,4(

,?0:;,5*0(
+,
36:
:;(+6:
65;0-0*06:
*646
76+,9
9,.065(3b
*65+0*06f
796;,:;(5;,
6
8<,
,3
9,A6
@
3(
9,-694(
;9(1,9(5
3(
9,*65*030(*0P5
+,

5(965
3(
9,*,7*0P5
+,3
796;,:;(5;0:46
,5
3(
7,5K5:<3(
0;(30(5(e
3
3,.(f
36:
796;,:;(5;,:
*65
3(
.3,:0(e
()K(
<5(
)9,*/(
,5;9,
36:
8<,
8<,9K(5

+6
/0:;P90*6
+0*;()(
0.<(34,5;,
3(:
9,(**065,:
,5
3(
7,5K5:<3(
)H90*(e

*64)(;09
3(
,?7(5:0P5
+,3
796;,:;(5;0:46
@
36:
8<,
8<,9K(5
(+(7;(9:,
(

(
,?0:;,5*0(
+,
40569K(:
1<+K(:
@
4<:<34(5(:
@
+,
36:
*65=,9:6:
1<f

H3
@
/(*,9
8<,
=63=0,9(
:<:
79670(:
(94(:
*65;9(
:K
40:46e
33K
+65+,
,3

+,6*90:;0(56:
@
4690:*6:
)(16
,3
,-,*;6
+,
3(
r,*658<0:;(s
*90:;0(5(

+,)(;,
05;,956
:,
05;,5:0-0*()(b
3(
9,:7<,:;(
(
3(
,-694(
=(*03()(e
+,;,9405P
3(
9,:7<,:;(
(
3(:
0+,(:
796;,:;(5;,:
,5
,:(
7(9;,
+,3
*65;0f
5,5;,e
 3
569;,
+,
36:
37,:
@
36:
0905,6:b
*65+0*065,:
4<@
+0:;05;(:

05-3<@,965
:6)9,
3(
+09,**0P5
+,3
*(4)06
9,30.06:6e
(
9,:0:;,5*0(
-9,5;,
(
*<(38<0,9
*6:(
8<,
(4,5(A(9(
3(
:6*0,+(+
@


    
    

 
:<:
=(369,:
/()K(
:0+6
<5
:6:;H5
+,
3(
90:;0(5+(+e
<9(5;,
,3
:0.36
?=0

,:(
9,:0:;,5*0(
:,
*64730*Pb
+,)0+6
(
+6:
05*,9;0+<4)9,:
,5;9,3(A(+(:d

(5
.<:;K5
56
:636
05:709P
3(
,-694(
796;,:;(5;,b
:056
8<,
,9(
;(4f
<5(
,9(
3(
5(;<9(3,A(
+,
3(
9,-694(
+,
3(
.3,:0(b
,5
3(
8<,
/()K(
4<f
)0H5
,3
;,P36.6
79,-,90+6
,5
*<(5;6
(
1<:;0-0*(9
3(
05;63,9(5*0(
9,30.06:(e

*/6:
05+0=0+<6:
@
.9<76:
*647964,;0+6:b
7,96
8<,
,:;6:
/()K(5
,4f
3
6)0:76
+,
0765(b
9,:765+0,5+6
(
3(
(4,5(A(
+,
3(
:,*;(
569;,(-90*(f

79,5+0+6
+,
46+6
4<@
+0=,9:6
:05
(*69+(9
<5
796*,+040,5;6
*64T5e

5(
+,
36:
+65(;0:;(:b
(9.<4,5;()(
8<,
:,
76+K(
,473,(9
3,.K;04(4,5;,

(
:,.<5+(
,9(
3(
05*070,5;,
=,9:0P5
796;,:;(5;,
+,
3(
9,-694(
+,
3(

3(
*6,9*0P5
7(9(
05+<*09
(
36:
9,*(3*0;9(5;,:
(
=,9
,3
,9969
+,
:<:
*9,,5f
.3,:0(b
+0-K*03
+,
,=(3<(9e
j9(b
*646
+,*K(
<;,96b
3(
T50*(
67*0P5

*0(:e
;030A(5+6
3(
7(9C)63(
+,
90:;6
:6)9,
36:
05=0;(+6:
(
<5
)(58<,;,

=0()3,i
j
,9(
<5
+,:(-K6
-<5+(4,5;(3
7(9(
3(
90:;0(5+(+i
6:
796f
x <*(:b
dŽyb
.<:;K5
+016
8<,
r6)30.(936:
(
,5;9(9s
c!-+.#**#
',200#y

;,:;(5;,:
56
/()3()(5
*65
<5(
:63(
=6Ab
769
36
8<,
,9(
+0-K*03
9,:765+,9

,9(
3(
3,.0;04(*0P5
)K)30*(
7(9(
<:(9
3(
-<,9A(
*65;9(
36:
/,9,1,:b
<5(

(
,:(:
*<,:;065,:e

=,*,:
:,
/(*K(5
,*6
+,
36
8<,
4<*/6:
@(
7,5:()(5b

4,+0*05(
(:;905.,5;,
7(9(
05+<*09
(3
(99,7,5;040,5;6
(3
05+0=0+<6
,99(f
7,96
05*3<:6
3(
04769;(5*0(
+,
3(
+0:;05*0P5
,5;9,
3(
r1<:;0-0*(*0P5
769

+6e
j,96
8<H
7(:()(
:0
56
:,
796+<*K(
,3
(99,7,5;040,517i
<;69,:
7(f

3(
-,s
x6
4C:
)0,5
3(
.9(*0(
:(3=(+69(
+,
06:
*65*,+0+(
(3
/64)9,b
<5

;9K:;0*6:
76:;,9069,:
+,*K(5
*3(9(4,5;,
8<,
36:
/,9,1,:
6):;05(+6:
+,f
;,4(
;,63P.0*6
(.<:;050(56
796365.(+6
@
9,:7,;()3,y
@
3(
r1<:;0-0*(f
)K(5
:,9
,?;,9405(+6:b
+,3
40:46
46+6
8<,
:,
(47<;(5
36:
40,4)96:

*0P5
T50*(4,5;,
769
3(
-,s
x,?*3<@,5+6
3(:
r)<,5(:
6)9(:sy
:636
:,
-<,
,5-,946:
7(9(
79,:,9=(9
3(
:(3<+
+,3
9,:;6
+,3
*<,976e
3
-9(5*0:*(56
(*3(9(5+6
*65
,3
;0,476e
5
,3
569;,
+,
;(30(b
769
,1,4736b
36:
4651,:
 - $q)
- +- .$q)
- !*-(  
,:7(N63
3-65:6
+,
(:;96
*65=09;0P
,3
!-+.#**#
',200#
,5
<5(
1<:;0-0*(f
*0P5
)K)30*(
7(9(
,3
*63650(30:46e
0,5+6
*65:,1,96
+,3
,47,9(+69
(9f
36:

/()K(
7<)30*(+6
<5(
,5*0*367,+0(
:6)9,
3(:
/,9,1K(:
,5
‘e
5(

6)9(
76:;,9069b
#
',12
&#0#2'!-03+.3,'2'-,#
z6)9,
,3
1<:;6
*(:;0.6
+,

36:
/,9,1,:{
x‘“y
3,
.(5P
(
(:;96
:<
9,7<;(*0P5
+,
r(A6;,
+,
/,9,1,:se

(
,:*90)0P
(3
9,.9,:(9
(
:<
*0<+(+
5(;(3
+,
(469(
+,:+,
,3
65*0306
+,

9,5;6b
:6979,5+0+6
(3
6K9
8<,
3(
.,5;,
*90;0*()(
()0,9;(4,5;,
3(:
.<,f
99(:
+,3
,47,9(+69
*65;9(
36:
796;,:;(5;,:
(3,4(5,:e
(:;96
79,;,5+K(
+,46:;9(9
8<,
,:;()(5
,8<0=6*(+6:e
(
7,5(
+,

4<,9;,
,9(
<5
*(:;0.6
3,.K;046
7(9(
36:
/,9,1,:
9,*(3*0;9(5;,:e
0
<;,f

96
/<)0,9(
:0+6
,1,*<;(+6b
,3
*(6:
(3,4C5
56
:,
/()9K(
796+<*0+6e
(

;63,9(5*0(
*65
3(
/,9,1K(
56
/(*K(
4C:
8<,
+,469(9
,3
796)3,4(
7(9(
,3

-<;<96b
@
8<0,58<0,9(
8<,
7,5:(9(
8<,
:<
*(:;0.6
+,)K(
+,1(9:,
,5
4(f
56:
+,
06:
+,)K(
+,
,:;(9
36*6e
(:;96
(3<+K(
(
3(
7(9C)63(
:6)9,
,3

;90.6
@
3(
*0A(N(
x(;,6b
yb
8<,
(
4,5<+6
(+<*K(5
8<0,5,:
79,*650f
A()(5
<5(
3K5,(
+<9(
*65;9(
,3
796;,:;(5;0:46e
3
40:46
7<:6
4C:
;(9f
+,
,5
79C*;0*(
,3
!-+.#**#
',200#
(3
:,9
+,:;05(+6
(
4),9,:b
3(
4(@69

*0<+(+
+,
36:
(K:,:
(16:
@
50+6
+,
=K)69(:
+,
+0=,9:(:
/,9,1K(:e
5;9,

3(:
9,:7<,:;(:
(
3(
,-694(b
3(:
796*,+,5;,:
+,
3(
7,5K5:<3(
)H90*(

,9(5
7,*<30(9,:e
(
/,9,1K(
796;,:;(5;,
-<,
9,*/(A(+(
*65
H?0;6
769
4,f
+06
+,3
:;(+6e
3
*69(AP5
+,3
4(@69
047,906
+05C:;0*6
+,
3(
90:;0(5f
+(+
;<=6
<5(
,?7,90,5*0(
T50*(
+<9(5;,
3(
,-694(e
3
,?*,7*065(30:46
+,
:7(N(
+,90=()(
+,
:<
/0:;690(
*646
:;(+6

-965;,90A6e
6:
4<:<34(5,:
/()K(5
+6405(+6
.9(5
7(9;,
+,
3(
7,5K5f
:<3(
+<9(5;,
:0.36:e
65
,336:
:,
/()K(-0
(:,5;(+6
1<+K6:b
;(5;6
,5
;,990f
;6906
*90:;0(56
*646
4<:<34C5b
@
3(:
;9,:
9,30.065,:
4(5;,5K(5
<5(

*65=0=,5*0(
*64730*(+(b
7,96
36:
9,056:
*90:;0(56:
+,
3(
7,5K5:<3(
,:;(f
)(5
,47,N(+6:
,5
*<3405(9
3(
r,*658<0:;(sb
(3.6
8<,
36.9(965
*65
3(

*(K+(
+,
9(5(+(
,5
•Že
(
*65=0=,5*0(
:,
*65=09;0P
,5
<5(
*6:(
+,3

7(:(+6e

36:
1<+K6:
:,
3,:
+06
<5
<3;04C;<4
7(9(
*65=,9;09:,
(3
*90:;0(f
50:46
6
+,1(9
,3
7(K:
@
76*6
+,:7<H:
:,
;64P
<5(
050*0(;0=(
:,4,1(5;,

*65;9(
36:
4<:<34(5,:e
3
9,:<3;(+6
-<,
,3
,?0306b
7,96
;(4)0H5
<5(

*65=,9:0P5
,5
4(:(
(3
*90:;0(50:46b
*65
36
8<,
(7(9,*0,965
*646
r*90:f
;0(56:
5<,=6:s
36:
(5;0.<6:
1<+K6:
x*65=,9:6:y
@
4<:<34(5,:
x4690:f
*6:ye
5
(4)6:
*(:6:b
:<:
;9(+0*065,:
9,30.06:(:
05*3<K(5
(9.<4,5;6:

7(9(
<5(
*65-6940+(+
(7(9,5;,b
40,5;9(:
79(*;0*()(5
,5
790=(+6
:<

(5;0.<(
-,e
,96
,3
+0:04<36
:,
*65=09;0P
,5
<5
796)3,4(
*<(5+6
,3
:f
;(+6
:,
(305,P
*65
3(
-,
*90:;0(5(e
3
+0:04<36
/(*0(
<56
:<765K(
+0:;(5f

*0(40,5;6
+,
3(
6;9(e
6:
,@,:
(;P30*6:
,:;()3,*0,965
,5
“”
,3
 90f
  '
 ./-0$q)

'
-$./$)
)<5(3
+,3
(5;6
-0*06
+,
3(
58<0:0*0P5b
7904,96
,5
(:;033(
@
3<,.6

;(4)0H5
,5
9(.P5b
*646
;90)<5(3
,*3,:0C:;0*6
)(16
:<
(<;690+(+
+09,*f
;(
7(9(
;9(;(9
,:,
796)3,4(c
,3
9,@
<(5

+,
69;<.(3
:0.<0P
:<
,1,4f
736
,5
 ‘
rU
3
(5;6
-0*06b
4<@
+0-,9,5;,
+,
3(
058<0:0*0P5
4,+0,=(3b

,9(
<5(
)<96*9(*0(
,:;(;(3
-694(+(
769
-<5*065(906:
,:7,*0(30:;(:
,5
,3

+,9,*/6
*(5P50*6b
8<,
67,9()(5
)(16
<5(
)<3(
7(7(3
7,96
05+,7,5+0,5f
;,4,5;,
+,
3(
(<;690+(+
964(5(e
<
7(7,3
050*0(3
-<,
:<7,9=0:(9
(
36:

5<,=6:
*65=,9:6:
@
:,
3,
+0,965
36:
9,*<9:6:
7(9(
/(*,936d
*/0=(;6:
36f
*(3,:b
-<5*065(906:
7(9(
=0.03(9
36:
7<,9;6:
@
-965;,9(:b
:<7,9=0:69,:

7(9(
*65;963(9
36
8<,
:,
047904K(b
790:065,:
@
(9*/0=6:e
<5
*0,9;(4,5f
;,
05,-0*0,5;,
*647(9(+(
*65
36:
,:;C5+(9,:
46+,956:b
-9,*<,5;,4,5;,

:6)9,:(;<9(+(
@
(
=,*,:
*90;0*(+(
769
3(:
69;,:
,5
3(
7,5K5:<3(
@
769

(3.<56:
,*3,:0C:;0*6:b
+,1P
:,5;09
*65
-<,9A(
:<
79,:,5*0(
,:;()3,*0,5+6

<5(
69;6+6?0(
+,
*64769;(40,5;6
@
*9,,5*0(:e
 3
9,:<3;(+6
:,
7<,+,
1<A.(9
,5
;H94056:
+,
36
8<,
3(
.,5;,
3,K(
@

*P46
36
(+8<09K(e
(
0479,5;(
33,.P
;(9+,
(
3(
7,5K5:<3(
)H90*(b
*646

<5(
;,*5636.K(
04769;(+(e
5
,=033(b
769
,1,4736b
;9,:
.,5,9(*065,:

+,
3(
-(4030(
964),9.,9
x796*,+,5;,
+,
3,4(50(y~
:,
x*<7(965
+,
3(

0479,5;(
7(9(
,3
<,=6
<5+6b
<5
*65;9(;6
9,5;()3,
@
8<,
796*<9(f
)(5
56
765,9
,5
7,30.96
0479040,5+6
(3.6
8<,
7<+0,9(
:,9
6
7(9,*,9

/,;,96+6?6e
636
/()K(
0479,5;(:
,5
3(:
7905*07(3,:
*0<+(+,:
@
<50=,9f
:0+(+,:b
36
8<,
/(*K(
4C:
-C*03
,3
*65;963
+,
3(
796+<**0P5
(<;P*;65(e

65;(5+6
*65
,3
:0:;,4(
+,
30*,5*0(
(
3(:
0479,5;(:b
3(
58<0:0*0P5
:,

46:;9()(
,-0*(A
,5
:<7,9=0:(9
8<0H5
047904K(
8<Hb
(:K
*646
36
8<,

:,
04769;()(e
3
K5+0*,
,:7(N63
+,
30)96:
796/0)0+6:b
7<)30*(+6
690.0f
5(34,5;,
769
,3
65:,16
,(3
,5
  ‘  b
,9(
4<@
,?;,5:6e
3
4,9*(+6
,:7(N63
+,
)0)30(:
@
+,=6*065(906:
,9(
)6@(5;,e
9(:f

46b
,5;9,
6;96:b
:(;0:-(*K(
3(
+,4(5+(e
<
H?0;6
-<,
:05
,4)(9.6
,-K4,f
96e

7(9;09
+,
‘Ž‘
:<:
6)9(:
*(@,965
)(16
3(
:6:7,*/(
+,
/(),9
-6f
4,5;(+6
3(:
+,=6*065,:
+,
8<0,5,:
,3
58<0:0+69
,5,9(3
33(4()(

*3+ 0"-1U
5
36:
*,5;96:
<9)(56:
+,
(:;033(
3(
<,=(b
,5
*K9*<36:

<50=,9:0;(906:
+,
(3(4(5*(
@
,5
36:
/6.(9,:
+,
3(
(3;(
(90:;6*9(*0(b

.9<76:
790=(+6:
79(*;0*()(5
+0:*9,;(4,5;,
3(
*65:,*<*0P5
+,
3(
7,50f
;,5*0(
05;,95(
*646
9<;(
/(*0(
,3
()(5+656
;6;(3
,5
,3
(469
+,
06:e

(9(
3(
58<0:0*0P5b
,:6
+,:(-0()(
,3
=K5*<36
,5;9,
*65-6940+(+
+,

*9,,5*0(
@
*64769;(40,5;6e
<58<,
56
/<)0,9(
79<,)(:
+,
8<,
36:

(3<4)9(+6:
3,@,9(5
30)96:
796;,:;(5;,:b
,:;()(5
4(5*/(+6:
*65
,3
;0Af
5,
3<;,9(56e
6:
(3<4)9(+6:
56
-<,965
;9(;(+6:
*65
+,4(:0(+6
90.69e
(16
3(
 - $q)
- +- .$q)
- !*-(  
:<7,9-0*0,
@
7,:,
(
3(
58<0:0*0P5b
:<
05-3<,5*0(
:H
4(5;<=6e
3-65:6
+,

(3+H:b
/<4(50:;(
,:7(N63
8<,
:,
*65=09;0P
,5
*(5*033,9
+,
(936:
b
56

=,K(
796)3,4(
,5
4(5;,5,9
<5(
*699,:765+,5*0(
790=(+(
*65
<;,96
@

,3(5*/;/65
50
,5
,?79,:(9
:<
+,:79,*06
/(*0(
,3
7(7(+6
,5
:<
+,-,5:(

+,3
:(8<,6
+,
64(
,5
‘Ž“c
7,96
3(
58<0:0*0P5
36
4(5;,5K(
=0.03(+6

@
76+9K(
/(),9
33,=(+6
3(:
*6:(:
4C:
3,16:
+,
56
/(),9
4<,9;6
,5
‘
Že

<
/,94(56b
<(5
+,
(3+H:b
:,
;9(:3(+P
+6:
(N6:
+,:7<H:
(
64(
@

3<,.6
(
C763,:b
+65+,
,:*90)0P
<5(
:,90,
+,
6)9(:
*<@(
+0:;05;(
:<,9;,

,5
:7(N(
,
;(30(
76+9K(
:,9=09
*646
*(30)9,
+,
3(
05;9(5:0.,5*0(
+,
3(

58<0:0*0P5
,:7(N63(e
5
‘‘Œ
:636
<5(
7,9:65(
/()K(
:0+6
,1,*<;(+(
769
3(
58<0:0*0P5

769
796;,:;(5;0:46
@
4,56:
+,
Œ
/()K(5
:0+6
05=,:;0.(+(:c
7,96
,5

‘ ‘“
<5
,5=K6
+,
*(9;(:
@
30)96:
*65;9(
,3
(7(
+,:+,
05,)9(
*(@P

,5
4(3(:
4(56:e
6:
:6:7,*/6:6:
-<,965
+,;,50+6:
,5
,=033(
@
:,
05f
-694P
(
(936:
c
,5
3(
8<,
-<,
*(:0
:<
T3;04(
*(9;(
(
:<
/016
,307,


7,+K(
<5
*(:;0.6
,1,473(9
7(9(
,336:e
(
*6473,1(
:0;<(*0P5
05;,95(*06f
5(3
79670*0P
<5(
:,90,
+,
(<;6:
+,
-,
x+,3
3(;K5
!231
$'" # 'y
050*0(+(
,5

(33(+630+
,3
Ž
+,
4(@6
+,
‘
‘•
*65
3(
79,:,5*0(
+,3
5<,=6
9,@b
,307,

e
(
+,;,5*0P5
4C:
56;()3,
-<,
3(
+,3
796706
7904(+6
+,
:7(N(b
(9f
;6364H
(99(5A(
+,
09(5+(b
(9A6)0:76
+,
63,+6e
(
05=,:;0.(*0P5

:6)9,
(99(5A(b
(*<:(+6
+,
/,9,1K(
769
46;0=6:
763K;0*6:b
.,5,9P
4<f
*/6:
*64,5;(906:
@
:6:7,*/(:e
6
8<,
36:
058<0:0+69,:
+,:*<)90,965

,9(
4(@69
@
4C:
*669+05(+6
+,
36
8<,
/()K(5
04(.05(+6
/(:;(
,5;65f
*,:e
,
*65=6*P
(
,:;<+0(5;,:
05:*90;6:
,5
<50=,9:0+(+,:
,?;9(51,9(:b
:,

9,-69AP
3(
=0.03(5*0(
,5
3(:
-965;,9(:
@
-,:
0479,:69,:
,?;9(51,96:
*(@,f
965
)(16
:6:7,*/(b
(<58<,
,5
.,5,9(3
:<
/,9,1K(
,9(
+,
6K+(:b
@(
8<,
:0

)0,5
;9()(1()(5
*65
30)96:b
56
,9(
+,
:<:
7C.05(:
+,
+65+,
,?;9(K(5
3(

+0:*65-6940+(+
+,
3(
8<,
,9(5
:6:7,*/6:6:e
8<,336:
-<,965
(N6:
+,f
*0:0=6:
7(9(
,3
796;,:;(5;0:46
,5
3(
7,5K5:<3(
)H90*(e
 3
-05(3b
;(5
:636

<5
*,5;,5(9
+,
796;,:;(5;,:
-<,965
,1,*<;(+6:
,5;9,
‘‘•
@
‘’’b
3(

40;(+
+,
36:
*65+,5(+6:
(
4<,9;,
,5
5.3(;,99(
)(16
,3
9,05(+6
+,
(f
9K(
<+69b
<5(
*<(9;(
7(9;,
+,
36:
-(33,*0+6:
)(16
,3
+,
5908<,

,5

9(5*0(
@
<5(
+H*04(
7(9;,
+,
36:
,1,*<;(+6:
,5
36:
(K:,:
(16:
+<f
9(5;,
(8<,3
40:46
7,9K6+6e

7(9;09
+,
‘’Œb
76*6
4C:
6
4,56:b
36:

4<@
,:*(:6:
796;,:;(5;,:
,:7(N63,:
:,
,?030(965
(3
569;,
+,
36:
37,:
@

:<:
,:*90;6:
:09=0,965
+,
)(:,
7(9(
3(
r3,@,5+(
5,.9(s
8<,
*(@P
:6)9,
3(

9,7<;(*0P5
+,
,307,

@
+,
3(
58<0:0*0P5e
  '
 ./-0$q)

'
-$./$)

      


 
5
#
‘
(7(9,*0P
,5
,5,*0(
<5
30)96
(5P5046
;0;<3(+6
0222-
2'*'1V

1'+-
"#*
#,#$'!'-
" '
'#13
&0'12-
0-!'$'11D
4#01-
'
!&0'12','
e *
#,#$'V
!'-
"#
0'12-
03!'$'!"-jU
,
;9(;()(
+,
<5
;,?;6
,50.4C;0*6b
8<,
;9(;()(

+,
,?730*(9
*P46
:,5;09:,
1<:;0-0*(+6
@
36
8<,
:0.50-0*()(
7(9(
3(
.,5;,

*6990,5;,
:,9
*(7(A
+,
+,*09
8<,
90:;6
,9(
:<
/,94(56e
8<,33(
6)9(

-<,
,3
4(@69
H?0;6
+,
<5(
,-694(
0;(30(5(
8<,
5<5*(
,?0:;0Pe
<,
7,9f
:,.<0+6
;(5
+,:70(+(+(4,5;,
769
3(
58<0:0*0P5
8<,
56
7(9,*K(
/(),9

:6)9,=0=0+6
505.T5
,1,473(9
/(:;(
8<,
;9,:*0,5;6:
(N6:
+,:7<H:
(7(f
9,*0P
<56
,5
<5(
)0)306;,*(
<50=,9:0;(90(
+,
(4)90+.,e
<
7,907,*0(

9,-3,1(
3(
796)3,4C;0*(
/0:;690(
+,
3(
9,:7<,:;(
0;(30(5(
(
3(
,-694(

796;,:;(5;,e
6
,:
<5(
:6979,:(
8<,
(8<,33(
6)9(
-<,9(
0479,:(
,5
,5,*0(e
(:

0479,5;(:
,5
3(
*0<+(+
,9(5
-(46:(:e
(
,7T)30*(
=,5,*0(5(b
30)9,
+,3

+640506
+,
36:
():)<9.6b
4(5;,5K(
;(4)0H5
:<
+0:;(5*0(
+,
64(e


+0-,9,5*0(
+,
3(:
+,
:7(N(b
3(:
-965;,9(:
+,
;(30(
,9(5
7696:(:
@
3(:

0+,(:
796;,:;(5;,:
*09*<3()(5
(4730(4,5;,e
6:
,:;<+0(5;,:
*9<A()(5

36:
37,:
7(9(
,:;<+0(9
,5
3(:
<50=,9:0+(+,:
=,5,*0C5(:df 6:
4,9*(+,f
9,:
/(*K(5
5,.6*06:
(3
569;,
+,
36:
37,:
*65
-9,*<,5*0(e
6+6
05+0*(

8<,b
(3
4,56:
/(:;(
8<,
:,
7<)30*P
 *
#,#$'!'-
"#
0'12-b
3(:
6)9(:
+,

36:
9,-694(+69,:
796;,:;(5;,:
,9(5
*656*0+(:
@
(**,:0)3,:
,5
,3
569;,

+,
;(30(e
j<0H5
,:*90)0P
 *
#,#$'!'-
"#
0'12-b
@
769
8<Hi
5
(.6:;6
+,

‘’’
0,;96
(95,:,**/0
9,=,3P
,5
<5
1<0*06
(5;,
3(
58<0:0*0P5
,5

64(
8<,
,3
(<;69
,9(
r+65
,5,+,;;6sb
/()0,5+6
:0+6
+,:7<H:
9,=0:(f
+6
769
(9*(5;6506
3(40506e
(95,:,**/0
,9(
<5
:,*9,;(906
7(7(3

*<@(
(.,5+(
7,9:65(3
796769*065P
(
3(
58<0:0*0P5
3(:
0+,5;0+(+,:
+,

36:
1.'0'23*'
x36:
8<,
8<,9K(5
3(
9,-694(
+,
3(
.3,:0(
+,:+,
+,5;96ye
3

564)9,
+,
3(40506
(7<5;(
(
6;9(:
05-3<,5*0(:
,5;9,
,3
,=(5.,30:46

0;(30(56b
<5
;H94056
(/69(
*65;,:;(+6
769
36:
8<,
)<:*()(5
<5(
=K(
(
3(

9,-694(
,*3,:0C:;0*(
:69;,(5+6
,3
796;,:;(5;0:46e
3(40506b
76,;(
@
-0f
3P:6-6
=,5,*0(56b
)<:*P
,5
64(
3(
796;,**0P5
+,
0(5
(;;,6
0),9f

;0b
(
3(
:(AP5
6)0:76
+,
,965(b
<5(
+,
3(:
*0<+(+,:
4C:
90*(:
+,
3(
,f

99(-,94(
=,5,*0(5(e
03),9;0
@(
:,
46=K(
,5
36:
*K9*<36:
,:7090;<(3,:

+,3
9(;6906
+,3
0=056
4 69
@
36:
,(;056:
@
,479,5+0P
3(
*9,(*0P5

+,
<5(
+0P*,:0:
46+H30*(b
,5
<56
+,
36:
4<*/6:
05;,5;6:
C,
9,-694(9
3(

.3,:0(
+,:+,
+,5;96e
,96
3(40506b
;9(:
(3,5;(9
,3
,:;<+06
05+0=0+<(3

+,
3(
0)30(
@
3(
-9,*<,5;,
*64<50P5b
/()K(
,47,A(+6
(
3,,9
30)96:
796f
 - $q)
- +- .$q)
- !*-( 
/0)0+6:
@
:,
,5*65;9()(
79P?046
(
3(:
+6*;905(:
,=(5.H30*(:
796;,:;(5f
;,:b
769
36
8<,
,3
6)0:76
0),9;0
3,
9,;09P
:<
796;,**0P5
,5
‘”
@
0(f

40506
:,
;9(:3(+P
(
C763,:b
+65+,
:,
<50P
(3
*K9*<36
+,
/64)9,:
@

4<1,9,:
+,
C5046
9,-6940:;(
*9,(+6
,5
;6956
(
<(5
+,
(3+H:
)(16
3(

796;,**0P5
+,
<30(
65A(.(b
+,3
8<,
;(4)0H5
-694()(
7(9;,
,3
4C:

-(46:6
79,+0*(+69
0;(30(56
+,
:<
H76*(b
,95(9+056
*/056b
05:;9<f
@H5+6:,
;6+6:
,336:
,5
3(
*6473,1(
4,A*3(
;,63P.0*(
+,
,9(:40:46b
03<f

4050:46
@
3<;,9(50:46
*656*0+(
*646
=(3+,:0(50:46ye
<,
,5
C76f
3,:
+65+,
3(40506
*656*0P
(
r+65
,5,+,;;6sb
(
8<0,5
,3
;9()(16

+,;,*;0=,:*6
+,
36:
/0:;690(+69,:
0;(30(56:
/(
0+,5;0-0*(+6
*646
<5

4651,
+,
3(
*65.9,.(*0P5
+,
65;,
(::056e
<
05-3<,5*0(
:,
7<,+,

+,;,*;(9
,5
 *
#,#$'!'-
"#
0'12-b
*<@(
=,9:0P5
050*0(3
-<,
796)()3,f
4,5;,
,:*90;(
,5
‘•e
9(:
3(
4<,9;,
+,
(3+H:
,5
 ‘ b
3(40506
@
6;96:
+,
:<:
+0:*K7<f
36:
:,
+,:73(A(965
+,
C763,:
(
64(
)(16
,3
(47(96
+,
,.05(3+

63,b
<5
(90:;P*9(;(
@
*(9+,5(3
05.3H:
8<,
/()K(
,:;<+0(+6
,5
(+<(
+,

 ‘ Ž  (
‘Ž’b
9,.9,:(5+6
(
;(30(
*646
,?030(+6
,5
‘Ž
*646
796;,:;(

769
,3
+0=69*06
+,
5908<,
 e
<
,405,5*0(
:6*0(3
3,
7,940;0P
/(*,9

(40:;(+
*65
(:7(96
65;(9050b
<5
7(;90*06
@
,4)(1(+69
=,5,*0(56

8<,
/()K(
:0+6
564)9(+6
*(9+,5(3
769
,3
7(7(
()36

,5
‘‘e
63,

@
65;(9050
9,79,:,5;()(5
1<5;6:
3(:
-(3:(:
,:7,9(5A(:
+,
9,-694(
,5

;(30(
+<9(5;,
3(:
+H*(+(:
+,
‘Œ
@
‘Œe
4)6:
7(9;0*07(965
x1<5;6

*65
03),9;0y
,5
3(
*640:0P5
x65:,16
7(9(
3(
,-694(
+,
3(
.3,:0(y

*9,(+(
769
,:,
40:46
(7(
,5
‘
’
7(9(
79,7(9(9
<5
*65*0306
.,5,9(3e

<
05-694,
8<,+P
,5
3,;9(
4<,9;(b
7,
y
:,
*9,(965
5<,=(:
,:7,9(5A(:

*<(5+6
65;(9050
-<,
564)9(+6
+,3,.(+6
7(7(3
7(9(
,3
6368<06
+,

(;0:)65(t,.,5:)<9.
+,
‘  b
+65+,
,5;9P
,5
5,.6*0(*065,:
+09,*f
;(:
*65
36:
;,P36.6:
796;,:;(5;,:
(3,4(5,:b
*65:0.<0,5+6
<5
(*<,9+6

*65
,336:
:6)9,
3(
1<:;0-0*(*0P5
769
3(
-,e
,:7<H:
+,
8<,
3(:
*65=,9:(f
*065,:
:,
05;,99<470,9(5b
65;(9050
-<,
+,5<5*0(+6
*646
<5
7,30.96f
:6
*65*030(+69e
65;(9050
4<90P
96+,(+6
+,
:6:7,*/(:b
(3.<56:
+0*,5
8<,
,5=,5,f
5(+6
769
:<:
,5,40.6:b
,5
‘Že
,95(9+056
*/056
@
0,;96
(9;09,

,940.30b
+,:;(*(+6:
-036796;,:;(5;,:
0;(30(56:b
/<@,965
769
;,469
(
3(

58<0:0*0P5
7(7(3
9,*0,5;,4,5;,
9,-694(+(b
+,*0+0,5+6
8<,
:<
-<;<96

,:;()(
(3
569;,
+,
36:
37,:b
36
8<,
*65:;0;<@P
,3
*640,5A6
+,
<5(
-<.(

+,
*,9,)96:
+,
76:0)3,:
9,-694(+69,:e
(9(
,5;65*,:
:,
/()K(
7<)30*(f
+6
<5(
=,9:0P5
9,=0:(+(
+,
 *
#,#$'!'-
"#
0'12-b
(*<:(+6
+,
:,9
<5

*647,5+06
+,3
3<;,9(50:46b
(<58<,
76*6:
+,
36:
0;(30(56:
8<,
36
3,@,f
  '
 ./-0$q)

'
-$./$)
965
,9(5
796)()3,4,5;,
*65:*0,5;,:
+,
36
4<*/6
8<,
+,)K(
(
-<,5;,:

796;,:;(5;,:e
<
767<3(90+(+
,5
3(
+H*(+(
+,
 ‘Œ
,:;()(
,5
*65:65(5f
*0(
*65
3(
+0-<:0P5
+,
0+,(:
*907;6796;,:;(5;,:
8<,
(4,5(A()(
*65=,9f
;09:,
,5
<5
46=040,5;6
+,
4(:(:e
5
P+,5(b
H9.(46b
0,5(b
T,(
@

6;9(:
*0<+(+,:
+,
6:*(5(b
3(
:0;<(*0P5
+,
7,5<90(
@
3(
;,5:0P5
:6*0(3
:,

*64)05()(5
*65
3(:
+0:,5:065,:
9,30.06:(:e
5
,5,*0(b
(+<(
@
,99(f
9(b
36:
*65=,5;K*<36:
*907;6796;,:;(5;,:
(:64()(5
(
3(
3<Ae
5;9,;(5;6b

,5
64(b
36:
(+=,9:(906:
+,
65;(9050
x33(4(+6:
rA,36;,:s
769
:<
+,f
*9,*0,5;,
)(5+(
+,
:,.<0+69,:y
,:;()(5
(/69(
(3
4(5+6b
,5*(),A(+6:

769
,3
5(7630;(56
0(570,;96
(9(-(b
,3
-<;<96
7(7(
()36
e
9(;(f
)(5
+,
+,46:;9(9
8<,
36:
1.'0'23*'
,9(5
*65*030(+69,:
05.,5<6:
@
8<,

3(
58<0:0*0P5
964(5(
/()K(
33,.(+6
1<:;6
(
;0,476
x,5
‘Žye

-05(3,:

+,
3(
+H*(+(
+,
‘Œ
*64,5AP
(
+,1(9:,
:,5;09
,3
,-,*;6
+,
3(
9,79,:0P5e

(
4(@69K(
+,
36:
:6:7,*/6:6:
()(5+65(965
:<:
(5;,9069,:
*9,,5*0(:e

6:
76*6:
8<,
7<+0,965
/(*,936b
6
8<,
:,
:05;0,965
6)30.(+6:
(
/(*,9f
36b
:,
<50,965
(
36:
,40.9(+6:
(3
6;96
3(+6
+,
36:
37,:b
:6)9,
;6+6
,5

05,)9(e
5
36:
=(33,:
+,
()6@(
@
,3
0(465;,
x@
,5
(3()90(b
,5
;69f
56
(
65;(3;6
(3
:<9
+,
C763,:yb
36:
=(3+,5:,:
x:<7,9=0=0,5;,:
+,
<5(

,5,9.K(
+,
-05(3,:
+,
3(
+(+
,+0(y
:,
<50,965
(
36:
796;,:;(5;,:
.05,f

)9056:e
463+(5+6
:<:
*9,,5*0(:
(
,:;6:
T3;046:b
796769*065(965
<5(

9,+
796;,:;(5;,
*3(5+,:;05(
8<,
:6)9,=0=0P
/(:;(
7(:(+6
‘’Œe
5
7<N(+6
+,
05;,3,*;<(3,:
,40.9(+6:
:,
:05;0,965
(;9(K+6:
769
3(

30),9;(+
(3
569;,
+,
36:
37,:b
7,96
56
76+K(5
:6769;(9
3(
*(40:(
+,

-<,9A(
*65-,:065(3
+,
05,)9(e
5;9,
,336:
,:;()(
,306
6AA050b
*<@6

7(+9,
-<,
796-,:69
+,
+,9,*/6
,5
(+<(
@
8<,
/()K(
,:;<+0(+6
;(4)0H5

(33Ke
9(:
(;9(=,:(9
3(
-965;,9(
=,5,*0(5(
/(*0(
36:
37,:
:<0A6:
,5

‘“b
,:*90)0P
;9(;(+6:
8<,
,?0:;K(5
T50*(4,5;,
,5
-694(
4(5<:*90;(

+<9(5;,
:<
=0+(b
,5
36:
8<,
1<A.()(
8<,
3(
9,:<99,**0P5
:636
:,9K(
1<:;(

7(9(
36:
)0,5(=,5;<9(+6:b
40,5;9(:
8<,
3(:
(34(:
+,
36:
9,:;(5;,:
4690f
9K(5
1<5;6
*65
:<:
*<,976:e
(3
,:7,*<3(*0P5
79,6*<7P
(
36:
9,-694(f
+69,:
+,
T90*/
@
05,)9(
;(5;6
*646
:<:
6705065,:
:6)9,
3(
9050+(+e

9(:
:<
4<,9;,
,5
‘’Žb
:<
:6)9056
(<:;6
6AA050
9,;64P
,:,
/036

+65+,
:<
;K6
36
/()K(
+,1(+6b
:0,5+6
36
4C:
56;()3,
8<,
36
/0*0,9(
40,5f
;9(:
;9()(1()(
:03,5*06:(4,5;,
*646
:,*9,;(906
(3
:,9=0*06
+,
36:
,+0f

*0
,5
6:*(5(e
<)30*P
36:
,:*90;6:
+,
:<
;K6
(N6:
+,:7<H:
+,
+,1(9
;(30(

,5
‘“b
@
,5
:<:
76:;,9069,:
7,9,.905(*065,:
(
9(5:03=€50(
@
63650(

+0-<5+0P
36
8<,
(
-05(3,:
+,3
:0.36
?=0
:,
*656*K(
*646
:6*050(50:46

(5;0;9050;(906e
5
;(30(
56
/<)6
<5(
,-694(
796;,:;(5;,b
@
36:
/0:;690(+69,:
:,
 - $q)
- +- .$q)
- !*-( Œ•
79,.<5;(5
769
8<H
-<,
(:Ke
j<,
769
,?*,:0=(
;040+,Ab
7698<,
,9(
+,4(f
:0(+6
*69;H:
@
(90:;6*9C;0*(i
j<,
769
-(3;(
+,
30+,9(A.6
6
+,
0+,636.K(i

,96
,:6
:<765+9K(
1<A.(9
36
8<,
:<*,+K(
,5
3(
7,5K5:<3(
*647(9C5+63(

*65
3,4(50(e
(
/0:;690(
+,
 *
 #,#$'!'-
"#
0'12-
05;96+<*,
6;9(:
*<,:f
;065,:d
3(:
+0-0*<3;(+,:
7(9(
,479,5+,9
3(
9,-694(
+,:+,
+,5;96
:05
796f
=6*(9
<5(
+0=0:0P5
9,30.06:(b
,5
<5(
H76*(
,5
8<,
3(
7,5K5:<3(
,9(
,3

-6*6
+,
<5
*65-30*;6
05;,95(*065(3
05;,940;,5;,c
@
*P46
+0-<5+09
,3
796f
;,:;(5;0:46
@
4(5;,5,9
,5*,5+0+(
3(
3<A
+,
3(
9,-694(
+,
3(
.3,:0(

40,5;9(:
:,
0)(5
(*<4<3(5+6
3(:
-<,9A(:
+,
3(
9,79,:0P5e
    


       ===

      
(@
7(9(3,30:46:
,5;9,
3(
9,*,7*0P5
+,
3(
,-694(
796;,:;(5;,
,5
;(f
30(
@
,5
9(5*0(e
0
,5
;(30(
:,
;9(;()(
+,
3(
,-694(
8<,
5<5*(
,?0:;0Pb

,5
9(5*0(
-<,
3(
,-694(
8<,
76+9K(
/(),9
,?0:;0+6e
 3
0.<(3
8<,
,5

;(30(b
3(:
0+,(:
+,
<;,96
*09*<3(965
9C70+(4,5;,
,5
9(5*0(
+,:+,

 ‘•b
.9(*0(:
(
36:
30)96:b
,:;<+0(5;,:
@
79,+0*(+69,:e
5
(.6:;6
+,

‘Ž
<033(<4,
6
<03/,4
(9,3
7<)30*P
#
2#0
-12#0
#2
*#
0#"-
#,

0,%-71b
<5(
;9(+<**0P5
(7,5(:
+0:-9(A(+(
+,3
' 0'2-
"#
0!'-,#1

x‘ŽŽy
+,
<;,96e
<)30*(+6
,5
3(:
5(90*,:
+,
3(
69)65(b
-<,
,3
30)96

796;,:;(5;,
4C:
(;9,=0+6
8<,
(7(9,*0P
,5
9(5*0(
(5;,:
+,
‘e
,f
56:
+,
”Œ
,+0*065,:
3<;,9(5(:
,5
;6+(
9(5*0(
+<9(5;,
3(
+H*(+(

+,
‘ŽŒ
,9(5
*646
<5(
.6;(
,5
,3
-!>0$
*647(9(+(:
*65
36:
4C:
+,

Že‘ŒŒ
;K;<36:
8<,
:,
7<)30*(965
;(5
:636
,5
(9K:
+<9(5;,
,:(
40:4(

+H*(+(e
5
<5(
*(9;(
-,*/(+(
,5
‘Žb
(9,3
,:*90)K(d
rh<,5
06:b

*P46
4,
(3,.96
*<(5+6
=,6
*P46
:,
/(
,?;,5+0+6
,3
*656*040,5;6
+,

;<
7<9(
.9(*0(
769
3(
4(@69
7(9;,
+,
<967(g
:7,96
8<,
90:;6
(*(),

6;69.(5+6
-05(34,5;,
(
9(5*0(
:<
),5+0*0P5eeese
05
,4)(9.6b
40,5f
;9(:
,?79,:()(
,:(
,:7,9(5A(b
:,
4<3;0730*()(5
3(:
9,(**065,:
/6:;03,:

*65;9(
<;,96
79646=0+(:
769
6,3
,+(b
<5
796-,:69
+,
;,636.K(
+0f
9,*;69
+,
<56
+,
36:
*63,.06:
+,
(9K:
@
9,*;69
+,
3(
69)65(e
<9(5;,

(8<,336:
(N6:
3(:
058<0,;<+,:
769
,3
*(4)06
9,30.06:6
0)(5
(*647(f
N(+(:
,5
9(5*0(
769
,3
;,469
(
<5
(*65;,*040,5;6
*(;(*3K:40*6c
,5

*65*9,;6b
36:
(:;9P36.6:
79,+,*K(5
<5
,.<5+6
03<=06
,5
‘Že
5

4(.0:;9(+6
+,
6<36<:,
,:;()(
;(5
*65=,5*0+6
+,
,336
8<,
:,
/0A6

*65:;9<09
<5
(9*(
(5;,
3(
76:0)030+(+
+,
8<,
:<*,+0,9(e
5
3(
+0P*,:0:
+,
,(<?
3(:
(:709(*065,:
9,-6940:;(:
:,
,5-9,5;(965
 06 '
 ./-0$q)

'
-$./$)
(
3(:
-<,9A(:
+,
3(
9,(**0P5e
<
6)0:76b
<033(<4,
90F655,;b
79,;,5+K(

/(*,9
(33K
(3.6
7(9,*0+6
(
36
796@,*;(+6
769
0(5
(;;,6
0),9;0
7(9(

,965(e

3(:
=0:0;(:
@
:K56+6:
3,:
:0.<0P
(3.6
4C:
05<:0;(+6e
90F655,;b

+,*0+0+6
(
9,69.(50A(9
3(
79H+0*(
9<9(3b
*9,P
,:;(*065,:
+,
40:0P5
,5
3(:

8<,
9,<50P
<5
.9<76
+,
79,+0*(+69,:
x,3
,5C*<36
+,
,(<?
y
+,
*65f
=0**065,:
9,-6940:;(:e
5;9,
,336:
+,:;(*()(
(*8<,:
,-G=9,
+ l ;(73,:b

,:;<+06:6
+,
3(
0)30(
@
(40.6
+,
9(:46b
:0,5+6
36:
+,4C:
7905*07(3f
4,5;,
:<:
(40.6:
@
+0:*K7<36:e
90F655,;
,9(
*65-,:69
+,
(9.(90;(
+,

(=(99(b
/,94(5(
+,3
9,@b
@
*65;()(
*65
:<
796;,**0P5b
7,96
,:6
56
,9(

:<-0*0,5;,e
,:7<H:
+,
3(
*(7;<9(
+,
9(5*0:*6

,5
(=K(b
3(
9,05(
4(f
+9,
<0:(
+,
()6@(
:,
*65=09;0P
,5
9,.,5;,
,5
(<:,5*0(
+,3
9,@
x‘Ž‘f

‘Ž’ye
,(<?b
<5(
*0<+(+
;,?;03
8<,
:<-9K(
;0,476:
+,
7,5<90(b
*64,5AP

(
,479,5+,9
769
:<
*<,5;(
3(
,-694(e
6:
*(9;,3,:
*(;P30*6:
,9(5

(99(5*(+6:
@
,5
3(
73(A(
+,3
4,9*(+6
:,
+,1()(5
6K9
*(5;6:
(5;0*3,90*(f
3,:e
,-G=9,
/<@P
(
:;9(:)<9.6
40,5;9(:
90F655,;
,9(
05=,:;0.(+6
769

/,9,1K(
769
<5(
*640:0P5
+,
1<,*,:
+,
(9K:e
9(:
,3
r(:<5;6s
+,
,(<?

3(
9,+
+,
(9.(90;(
+,
(=(99(
,9(
;6+6
36
8<,
3,:
796;,.K(
(
H3
@
(
36:

9,-694(+69,:
/<4(50:;(:
8<,
7,5:()(5
7(9,*0+(4H5;,j
<58<,
,5
;(30(
;(4)0H5
/<)6
7(;965(:
+,
3(
,-694(b
:<
05-3<,5f
*0(
56
(3*(5AP
3(
+,
(9.(90;(e
9(
<5(
7905*,:(
9,(3b
;,5K(
<5
,5694,

7(;9046506b
@
36
<;030AP
7(9(
*9,(9
50*/6:
+,
:,.<90+(+
7(9(
36:
9,-69f
4(+69,:
8<,
:,
5,.()(5
(
:,9
,:;,9,6;07(+6:
*646
r3<;,9(56:s
6
r796f
;,:;(5;,:se
<
7904,9
30)96
-<,
,3
 '0-'0
"#
;+#.>!&#0#11#U
3
,:7,16
,5

*<,:;0P5
9,-3,1()(
4<*/6
4C:
8<,
,3
(34(
+,
(9.(90;(d
*9K;0*(:
+,
36:

()<:6:
,*3,:0C:;0*6:
@
+6*;905(:
+<+6:(:b
7,96
;(4)0H5
3(
-694(
,5
8<,

<5
*90:;0(56
76+K(
,5*65;9(9
:<
79670(
=K(
/(*0(
06:e
6
4C:
9,=,f
3(+69b
(<58<,
(
;9(=H:
+,
<5
*90:;(3
;9(:3T*0+6b
-<,
:<
6)9(
76:;,9069b

7<)30*(+(
,5
‘“
*646
0%3#0'2#1
"#
*
0%3#0'2#
"#1
0',!#11#1

x‘“yb
<5(
*63,**0P5
+,
!&,1-,1b
76,4(:
@
;,?;6:
;,(;9(3,:b
,:*90;6:

:05
+<+(
)(:;(5;,
(5;,:e
(9.(90;(b
8<,
:,
,:-69AP
769
796;,.,9
@
+,f
-,5+,9
(
8<0,5,:
4(5;,5K(5
6705065,:
9,30.06:(:
(=(5A(+(:
,5
9(5*0(b

;(4)0H5
05=6*P
:<
+,9,*/6
*646
7905*,:(
7(9(
,=0;(9
*647964,;,9:,

*65-,:065(34,5;,e

7905*0706:
+,
3(
+H*(+(
+,
‘
Œ
:<
79<+,5;,
*64f
769;(40,5;6
7,940;0P
8<,
36:
r,=(5.H30*6:s
:,
9,<50,9(5e
9(
3(
r,f
-694(
:0.036:(se
3
r(:<5;6
+,
36:
*(9;,3,:s
05;,99<470P
(8<,33(
;9(@,*;690(e
<f
9(5;,
3(
56*/,
+,3
 “f ”
+,
6*;<)9,
+,
‘b
<5
*(9;,3
g.*!0"d
0479,f
:6
(5P504(4,5;,
@
;0;<3(+6
,'#*#1
4>0'2 *#1
130
*#1
&-00' *#1R
%0,"1
#2

',13..-02 *#1
 31
"#
*
+#11#
. .*#
',4#,2>#
"'0#!2#+#,2
!-,20#
*
',
V

- $q)
- +- .$q)
- !*-( n
2#
=,#
"#
,-20#
#'%,#30
-<,
+0-<5+0+6
,5
(9K:
@
6;9(:
*0<+(+,:
,
05f
*3<:6
x;(3
*646
:,
05-694P
76*6
+,:7<H:y
-01(+6
:6)9,
3(
7<,9;(
+,3

+6940;6906
+,3
9,@
,5
,3
*(:;0336
+,
4)60:,e
,
*65:,9=(5
;6+(=K(
+6:

*670(:b
,:*90;(:
x*646
(/69(
:(),46:y
769
5;605,
(9*6<9;b
7(:;69

,5
,<*/D;,3b
3(
7904,9(
*0<+(+
+,
/()3(
-9(5*,:(
,5
/(*,9:,
796;,:f
;(5;,e
;(*()(
(
36:
r7(70:;(:s
8<,
r79,;,5+K(5s
8<,
3(
40:(
,9(
<5
r:(f
*90-0*06sb
*<)90,5+6
)(16
<5(
r.9(5
7(3()9(s
x;9(5:<:;(5*0(*0P5y
3(

r05=,5*0P5s
+,
8<,
90:;6
,:;()(
*69769(34,5;,
79,:,5;,
,5
,3
7(5
@
,3

=056
*65:(.9(+6:e
6:
*(;P30*6:
+,
(9K:
:,
:05;0,965
05+0.5(+6:e
,

69.(50A(965
796*,:065,:
,?70(;690(:
@
-<,965
+,;,50+(:
,5;9,
ŽŒŒ
@

ŒŒ
7,9:65(:e
5
+0*0,4)9,
:,
*65:;0;<@P
<5
;90)<5(3
,:7,*0(3
7(9(
,5f
*65;9(9
@
1<A.(9
(
36:
9,:765:()3,:e
<)6
<5(
796*,:0P5b
,5*(),A(+(

769
,3
796706
9,@e
,0:
*65=0*;6:
-<,965
8<,4(+6:
,5
7T)30*6
@
*6f
4,5AP
<5(
7,9:,*<*0P5
:05
*<(9;,3e
3
r:<5;6
+,
36:
(9;,3,:s
-<,

(796=,*/(+6
*65
,-0*(*0(
769
36:
,5,40.6:
+,
3(
,-694(e
(9.(90;(

:,
4(5;<=6
(
+0:;(5*0(b
7,94(5,*0,5+6
,5
5.6<3I4,
@
H9(*e
5
:<

*640;0=(
:,
/(33()(
,3
/016
+,
<5
-<5*065(906
,*3,:0C:;0*6
4,569
*65

-694(*0P5
/<4(50:;(
,5
+,9,*/6b
<(5
(3=056b
8<0,5
(
-05(3,:
+,

 
6
7905*0706:
+,3
(N6
:0.<0,5;,
:,
;9(:3(+P
(
(:03,(e

    

     
(3=056
,9(
<5
,?030(+6
=63<5;(906e
(:03,(
3,
6-9,*K(
:<7,9=0=,5*0(

7,96
56
:,.<90+(+e
-69;<5(+(4,5;,
7(9(
H3b
(33K
=0=K(
:<
79046

0,99,f6),9;
30=H;(5b
8<0,5
*65
3(:
40:4(:
05*305(*065,:
,=(5.H30f
*(:
,:;()(
*6473,;(5+6
:<
;9(+<**0P5
(3
-9(5*H:
+,
3(
0)30(b
7(9(
3(

8<,
(3=056
,:*90)0P
79,-(*06:c
,3
+090.0+6
(
r8<0,5,:
(4(5
(
,:<*90:f
;6
@
:<
,=(5.,306s
,=6*()(
;6+6
36
8<,
06:
/()K(
*9,(+6e
(
0)30(
+,

30=H;(5b
7<)30*(+(
,5
,<*/D;,3
x@
7(.(+(
769
36:
=(3+,5:,:y
,9(
<5

36.96
56;()3,e
(3=056
3(
(3;,9P
4C:
;(9+,b
7,96
56
*(4)0P
3(
+,*0:0P5

;64(+(
769
30=H;(5
+,
;9(+<*09
,3
/,)9,6b
:0,479,
8<,
,9(
76:0)3,b
,5

;H94056:
8<,
56
33,=(9(5
/<,33(:
+,
3(
(5;0.<(
9,30.0P5e
r)0:76s
:,

*65=09;0P
,5
r=0.03(5;,sc
r:(*,9+6;,s
,5
r7(:;69sc
r*C30As
,5
r*67(sc

r0.3,:0(s
,5
r;,4736sb
,;*e
 :K
/()K(
*64,5A(+6
3(
*65:;9<**0P5
+,3

.36:(906
+,3
796;,:;(5;0:46
-9(5*H:e
3.<56:
+,
36:
0479,:69,:
+,
(:03,(
,:;()(5
*647964,;0+6:
,5

3(
*(<:(
,=(5.H30*(e
5
4(9A6
+,
‘’
+6:
+,
,336:
7<)30*(965
3(
790f
 / '
 ./-0$q)

'
-$./$)
4,9(
,+0*0P5
,5
3(;K5
+,
<5
30)96
8<,
x,5
-694(
4<@
+0-,9,5;,y
:,
0)(

(
/(*,9
05+0:6*0()3,
+,3
564)9,
+,
(3=056b
;0;<3(+6
050*0(34,5;,
,1V

2'232'-
&0'12',#
#*'%'-0"1U
(3=056
/()K(
=0(1(+6
8<0AC
*65
<5
)6f
99(+69
+,3
;,?;6
,5
7(7,3
6
,5
:<
*(),A(b
-694(34,5;,
,9(
<5
4(5<(3

+,
3(
69;6+6?0(
796;,:;(5;,b
7,96
;(4)0H5
:,
73(5;,()(
*646
<5(

(7636.K(
+,
36:
r,=(5.H30*6:s
-9(5*,:,:
8<,
(-965;()(5
3(
9,79,:0P5

76:;,9069
(
36:
(9;,3,:e
5
<5
79,-(*06
+090.0+6
(
9(5*0:*6
b
 (3=0f
56
*64)(;K(
3(
:<.,9,5*0(
+,
8<,
,9(5
,3
,8<0=(3,5;,
,5
,3
:0.36
? = 0
(

36:
;,99690:;(:
+,
/6@e
(
,12'232'-
+,3
;K;<36
:0.50-0*()(
r4(5<(3sb

7,96
;(4)0H5
r-<5+(*0P5se
6:
796;,:;(5;,:b
+,*K(
(3=056
(3
9,@b

(76@()(5
36:
703(9,:
+,
3(
-,
*90:;0(5(
@
56
,9(5
*(<:(
+,
7,9;<9)(f
*0P5c
,:;(
,9(
*<37(
+,
6;96:e
0;()(
,3
0)96
+,
36:
,@,:
 ”d ”d
r6

:646:
56:6;96:
36:
8<,
+0-<5+046:
,9969,:
6
05*0;(46:
(
;<4<3;6:b

:056
;T
@
3(
*(:(
+,
;<
7(+9,
36:
8<,
/()H0:
()(5+65(+6
36:
(5+(f
40,5;6:
+,3
,N69se
(
6)9(
:,
050*0()(
*65
<5(
:,5;,5*0(
;64(+(
+,
0*,9P5d
r(:0

;6+(:
3(:
+6*;905(:
:(.9(+(:
*65:;(5
+,
+6:
7(9;,:d
,3
*656*040,5;6
+,

06:b
@
,3
+,
56:6;96:
40:46:se
:,
*656*040,5;6
*64)05(+6
r56

,9(
6;9(
*6:(
8<,
<5(
-094,
*65=0**0P5
+,
3(
4,5;,
769
3(
8<,
+,*0+0f
46:
*65
56:6;96:
40:46:
8<,
3(
=,9+(+
+,
 06:
,:
;(5
:,.<9(
8<H
,:

05*(7(A
+,
56
*<47309
36
8<,
:,
/(
*647964,;0+6
(
/(*,9
*65
:<
:(5;(

7(3()9(se
(3=056
7(9(-9(:,()(
<5
7(:(1,
+,
3(
,7K:;63(
+,
()36
(
36:

964(56:
x06 d
  d
r<0,5
*65-K,
,5
 3
56
:,9C
+,-9(<+(+6syb
8<,
:,9K(

3(
6)9(
:6)9,
3(
8<,
0)(
(
7<)30*(9
:<
7904,9
*64,5;(906
+,
3(
0)30(

*<(;96
(N6:
+,:7<H:b
,5
4(9A6
+,
 ‘Œe
(9(
,5;65*,:
/()K(
9,=0:(+6

+,;(33(+(4,5;,
3(
,12'232'-
;9(+<*0H5+63(
(3
-9(5*H:
*646
,12'232'-,

"#
*
0#*'%'D,
!&0>2'#0+#b
8<,
(/69(
79,:,5;()(
*646
*6473,4,5;6
(

:<:
*64,5;(906:
)K)30*6:e
(
6)9(
79,;,5+K(
r79,7(9(9
,
05:;9<09
(
36:

*(5+0+(;6:
,5
;,636.K(
:(.9(+(
7(9(
3(
3,*;<9(
+,
3(
+0=05(
7(3()9(s
@

*65;,5,9
,3
r9,:<4,5
+,
3(
9,30.0P5
,5
;6+(:
:<:
7(9;,:s
+,
-694(
8<,b

,5
36
8<,
:,
9,-,9K(
(
3(:
,?76:0*065,:
+,
3(:
:*90;<9(:b
76+K(
r*65f
+,5:(93(:s
<5(
=,A
8<,
/()K(5
8<,+(+6
,:;()3,*0+6:
36:
*040,5;6:

:<)@(*,5;,:e

7(9;09
+,
,5;65*,:b
/(:;(
3(
,+0*0P5
-05(3
,5
3(;K5
+,
3(

,12'232'-
,5
=0+(
+,
(3=056
x‘
‘•yb
:<
;,?;6
*9,*0Pb
;,50,5+6
,5
*<,5f
;(
,3
7,:6
+,
:<:
,5:,N(5A(:
@
3(
5,*,:0+(+
+,
*6473,4,5;(9
:<:
*6f
4,5;(906:
+,
3(
0)30(
(
4,+0+(
8<,
(7(9,*K(5e
5
,+0*065,:
:<):0f
.<0,5;,:
,:(
7904,9(
(-094(*0P5
*9<*0(3
;(4)0H5
*(0K)0Pb
:<;03
7,96

:0.50-0*(;0=(4,5;,e
(16
<5
,7K.9(-,
8<,
,5-(;0A()(
8<,
r,3
*656*0f
40,5;6
+,
06:
@
,3
+,
56:6;96:
40:46:
,:;C5
9,3(*065(+6:sb
(3=056
 - $q)
- +- .$q)
- !*-( 
*64,5A()(
(/69(
*65
3(
:,5;,5*0(
r*(:0
;6+(
3(
:()0+<9K(
8<,
76:,,f
46:eeesb
,:;6
,:b
,3
*656*040,5;6
8<,
56:6;96:b
*90(;<9(:
*(K+(:b
76+,f
46:
6);,5,9
:6)9,
06:e
(
;,636.K(
56
,9(
7(9(
(3=056
3(
=,9+(+

+0=05(b
:056
5<,:;96:
05;,5;6:
047,9-,*;6:
+,
*(7;(9
3(
=,9+(+
8<,

 06:
/()K(
+,*0+0+6
+(956:e
5
3(:
:*90;<9(:b
06:
r56:
7(936;,(b

*646
50N,9(:
(
:<:
),)H:sb
7(9(
r(*646+(9
:<
*656*040,5;6
(
5<,:f
;9(
,:*(:(
*(7(*0+(+se
(9(
(3=056b
,3
7(7,3
+,
<5
*64,5;(90:;(
,9(
,5;,5+,9
(3
(<;69e

65
3(
,7K:;63(
(
36:
64(56:
(3=056
:,
05;96+<16
,5
3(
4,5;,
+,
(f
)36
+,
(9:6e
6
76+,46:
*656*,9
(
06:
,5
:<
,:,5*0(e
636
76+,46:

*656*,936
769
:<
*9,(*0P5
@
769
,3
/,*/6
+,
8<,
,5*(95(
3(
1<:;0*0(
@
3(

)65+(+e
6:6;96:b
36:
:,9,:
/<4(56:b
(5:0(46:
,:;(
T3;04(b
7,96
:6f
46:
05*(7(*,:
+,
36.9(93(e
0=046:
,5
<5
r()0:46s
+,
7,*(+6b
<5
r3(f
),905;6s
*9,(+6
769
56:6;96:
40:46:b
@
3(
1<:;0*0(
+,
06:
56:
*65+,f
5(e
(9(
(3=056
3(
r1<:;0-0*(*0P5sb
8<,
,:
3(
,:,5*0(
+,
3(
,7K:;63(

7(<305(b
,:
79,*0:(4,5;,
8<,
,3
*9,(+69
56:
9,:;(<9,
(
56:6;96:b
8<,
56

:646:
+0.56:
+,
,336e
06:
,5*<,5;9(
3(
4(5,9(
+,
/(*,936b
+,3
40:46

46+6
8<,
36
/()K(
/,*/6
7(9(
)9(/(4e
,940;,
(
90:;6
r/()0;(9s
,5

56:6;96:
+,
-694(
8<,
7,94(5,A*(46:
r(-,99(+6:
(
90:;6s
6
r*<(1(f
+6:
*65
90:;6se
6:
:(*9(4,5;6:
:65
r05:;9<4,5;6:s
7(9(
(304,5;(9

5<,:;9(
-,b
r:,336:s
8<,
047904,5
3(:
7964,:(:
+,
06:
,5
5<,:;96:

*69(A65,:
@
*65-094(5
3(
*,9;0+<4)9,
+,
3(
.9(*0(e
:;6
6*<99,
769
,3

796706
73(*,9
+,
06:
@
56
(
*(+(
<56e
6:
+6:
/016:
.,4,36:
+,
:((*

7,9;,5,*K(5
(
3(
;90)<
+,
:9(,3b
*65
8<0,5
06:
/()K(
/,*/6
<5
7(*;6b

7,96
 06:
,30.0P
(
(*6)
@
9,*/(AP
(
:(-;e
:;6
;(4)0H5
7,9;,5,*,
(
3(

,:,5*0(
1<:;0*0,9(
+,
06:b
(<58<,
56
76+(46:
,5;,5+,936e
6+,46:

,:;(9
:,.<96:b
,5
*(4)06b
@(
8<,
,:,
,:
,3
4,5:(1,
+,
3(:
:*90;<9(:b
+,

8<,
06:
,30.,
(
:<:
-0,3,:b
+,
8<,
56
/(@
:(3=(*0P5
:05
,3,**0P5b
+,
8<,

,3
4H90;6
/<4(56
56
;0,5,
5(+(
8<,
=,9
*65
:,9
,3,.0+6
@
+,
8<,
3

5<5*(
()(5+65(
(
36:
8<,
:65
33(4(+6:e
:,
,9(
,3
9(+0*(30:46
+,
(3=056d
<5(
+6)3,
79,+,:;05(*0P5
769
3(

8<,
<56:
:,9C5
:(3=(+6:
@
6;96:
*65+,5(+6:e
64()(
3(
+0*6;64K(
,5

3(
90:;0(5+(+
,5;9,
,3
5T*3,6
*9,@,5;,
@
3(
7,90-,90(
05-0,3
@
3(
*65=,9f
;K(
,5
<5(
+0=0:0P5
+,5;96
+,3
5T*3,6
+,
3(
90:;0(5+(+e
0*/6
,:;6b
3(

79,+,:;05(*0P5
56
,9(
;(5
,5-C;0*(
,5
,3
7,5:(40,5;6
+,
(3=056
*646

(*()(9K(
:0H5+636
7(9(
(3.<56:
+,
:<:
:,.<0+69,:e
(
79,+,:;05(*0P5

3,:
/()3()(
:6)9,
3(
<967(
4C:
+0=0+0+(
,5
3(
8<,
=0=K(5e
(9(
(3=0f
56b
3(
79,+,:;05(*0P5
56
,9(
<5(
,?/69;(*0P5
(
3(
(5:0,+(+
769
3(
1<:;0f
*0(
+,
06:b
:056
<5
7<5;6
@
(7(9;,b
+,1(9
+,
,:7,*<3(9
:6)9,
3(
*<,:f
 '
 ./-0$q)

'
-$./$)
;0P5e

3(
79,.<5;(d
rj4,
:(3=(9Hisb
9,:765+K(
8<,
7,9;,5,*,9
(
3(

.3,:0(
@
*656*,9
(
90:;6
,5
,3
796706
*69(AP5
,9(5
:,N(3,:
+,
,3,**0P5

@
(:K
:,
30),9()(
<56
+,
3(
(5.<:;0(
@
,3
40,+6e
6
/()K(
5,*,:0+(+
+,

*65:;9<09
<5
(9*(e
3
9,:;6
*65:0:;K(
,5
=0=09
*65
90:;6
,5
,3
4<5+6b
<5

3(),905;6
*65-30*;0=6
+,
7(:065,:
/<4(5(:e
,96
3(
*9,(*0P5
+,
06:
56

*(9,*K(
+,
69+,5b
@
,5
36:
(:<5;6:
/<4(56:
;,5K(46:
<5(
r+,<+(
+,

(469s
/(*0(
5<,:;96:
:,4,1(5;,:b
*65*0<+(+(56:b
.6),95(5;,:b
05*3<f
:6
8<0,5,:
76+9K(5
56
:,9
:08<0,9(
*90:;0(56:e
(
*64<50+(+
+0:7,9:(
(

3(
8<,
()36
,5=0()(
:<:
,7K:;63(:
:,
*65=09;0P
,5
46+,36
7(9(
(3=056

,5
9,3(*0P5
*65
3(:
;90)<3(*065,:
+,
36:
*9,@,5;,:
,5
,3
4<5+6e
05,)9(b
(+65+,
(3=056
33,.P
769
*(:<(30+(+
,5
 ‘’
@
+65+,
:,

8<,+P
7(9(
+(9
3,**065,:
+,
3(
0)30(b
56
,9(
;(3
46+,36e
9(
<5(
*0<f
+(+
+,
4,+0(56
;(4(N6b
+,
<56:
ŽeŒŒŒ
/()0;(5;,:b
3(
4(@69K(
+,
,336:

+,
3,5.<(
-9(5*,:(b
*65*,5;9(+6:
,5
<5
,:7(*06
9,+<*0+6
*65
5<,=(:

4<9(33(:
+,-,5:0=(:
:6)9,
<5(
*6305(
8<,
+()(
(3
,?;9,46
6**0+,5;(3

+,3
3(.6
05,)9(e
()K(
:0+6
.6),95(+(
769
<5
79K5*07,f6)0:76
8<,

+,)K(
=(:(33(1,
(
36:
+<8<,:
+,
()6@(c
,5
‘Ž’b
:05
,4)(9.6b
36:
.0f

5,)9056:
9,*/(A(965
(
:<
6)0:76
@
36:
4(.0:;9(+6:
*6-;-0:*(965
3(:
90f
8<,A(:
+,
3(
.3,:0(e
<)6
56
6):;(5;,
+0-,9,5*0(:
:6)9,
*P46
+,)K(

796*,+,9
3(
,-694(e
<033(<4,
(9,3b
(5;0.<6
40,4)96
+,3
*K9*<36

+,
,(<?
8<,
/()K(
()(5+65(+6
7698<,
56
,9(
:<-0*0,5;,4,5;,
9(+0f
*(3
7(9(
:<
.<:;6b
33,.P
(
3(
*0<+(+
,5
‘Že
0,3
(
:<
*(9C*;,9b
3,
.<:;(f
)(
+,)(;09
@
;<=6
:<,9;,
,5
,:*(7(9
*65
=0+(b
7,96
3<,.6b
,3
Ž
+,
4(@6

+,
 ‘
’b
36:
.05,)9056:
:<:7,5+0,965
3(
9,30.0P5
*(;P30*(
964(5(b
+,:f
;9<@,965
3(:
04C.,5,:
+,
:<:
0.3,:0(:
@
(+67;(965
3(
,-694(e
0,5

(3=056b
6
4C:
796)()3,4,5;,
(9,3b
9,+(*;(965
3(:
r9+,5(5A(:

*3,:0C:;0*(:s
@
3(
r65-,:0P5s
8<,
36:
4(.0:;9(+6:
+,*9,;(965
8<,

+,)K(5
:,9
1<9(+(:
769
;6+6:
36:
/()0;(5;,:
+,
3(
*0<+(+e
8<,3
1<9(f
4,5;6
@
3(:
;C*;0*(:
+,
4(56
+<9(
7(9(
8<,
3(
.,5;,
(*,7;(9(
3(:
5<,f
=(:
4,+0+(:
796+<1,965
<5(
9,(**0P5e
<C5+6
3(:
(<;690+(+,:
+,
3(

*0<+(+
69+,5(965
(
:<:
5<,=6:
r7(:;69,:s
(*646+(9:,
(
3(:
79C*;0*(:

,<*(9K:;0*(:
+,3
*(5;P5
=,*056
@
(5;,:
r796;,*;69s
+,
,95(b
(9,3
@

(3=056
:,
5,.(965
(
*,3,)9(9
3(
*64<50P5
+,
(:*<(
@
-<,965
796:f
*90;6:e
(3=056
56
9,.9,:Pb
+,
4(3(
.(5(b
/(:;(
 ‘  b
@
7650,5+6
:<:

79670(:
*65+0*065,:e
<9(5;,
(8<,336:
;9,:
(N6:
+,
(<:,93*0(
,:;<=6

,5
:;9(:)<9.6
:0.<0,5+6
)(16
3(
;<;,3(
+,
(9;05
W *,9
<5
*<9:6
+,

-694(*0P5
:6)9,
*P46
,:;()3,*,9
<5(
.3,:0(
8<,
(304,5;(9(
36
4,169

+,
*(+(
<56
:05
*647964,;,9
:<:
=(369,:
*,5;9(3,:b
*P46
:6)9,=0=09

,5
,3
-<,.6
*9<A(+6
*65-,:065(3
,5;9,
<90*/
@
0;;,5),9.b
@
*P46

- $q)
- +- .$q)
- !*-( 
:,9
9,:7,;(+6
,5
3(
05,:;()3,
763K;0*(
+,3
(3;6
05
@
36:
4C9.,5,:
6**0f
+,5;(3,:
+,
<0A(e
8<,336
),5,-0*0P
56;()3,4,5;,
(
(3=056
+<9(5;,
3(
+H*(+(
+,

‘Œ
40,5;9(:
)<:*()(
(*646+6
,5;9,
3(:
+0-,9,5*0(:
9,30.06:(:
8<,
:,f
7(9()(5
(
3(:
*64<50+(+,:
796;,:;(5;,:e
(:
7904,9(:
:,:065,:
+,3

65*0306
+,
9,5;6
05+0*()(5
8<,
56
*()K(
,:7,9(9
<5(
9,*65*030(*0P5

*65
,3
*(;630*0:46e
(3=056
*65:0+,9()(
@(
(
(936:

*646
<5
()<f

*6+656:69
+,3
'3;046
K(b
,5=0(+6
769
06:
7(9(
*(:;0.(9
(
36:
796f
;,:;(5;,:
769
:<
+,:<50P5e
(
+,996;(
3<;,9(5(
,5
U/3),9.
,5
6*;<)9,

+,
 ‘“
7(9,*K(
+,46:;9(9
8<,
33,=()(
9(AP5e
:,.<9(9
3(
<50+(+
,5;9,

36:
796;,:;(5;,:
7(9,*K(
56
6):;(5;,
79C*;0*(4,5;,
0476:0)3,b
+(+(:
3(:

+0-,9,5;,:
6705065,:
:6)9,
3(
40:(
,5;9,
0;;,5),9.
@
<90*/e
(3=056

,?7<:6
:<:
*65=0**065,:
:6)9,
36:
:(*9(4,5;6:
,5
<5
#2'2
20'!2>
"#
*

1',#2#
#,#
"#
,-120#
#'%,#30
#131
&0'12R
,:*90;6
,5
:;9(:)<9.6
7,96

8<,
56
:,
7<)30*P
/(:;(
:<
9,.9,:6
(
05,)9(
,5
‘e
(9(
H3
,9(5
3(:

=K(:
769
3(:
8<,
06:
:(;0:-(*,
5<,:;9(
+H)03
*(7(*0+(+
+,
,5;,5+040,5f
;6b
:0.56:
,?;,956:
8<,
56
;0,5,5
76+,9
,5
:K
40:46:b
7,96
8<,
769
,3

46+6
,5
8<,
36:
*65:0+,9(46:
@
(
;9(=H:
+,3
,-,*;6
+,
3(
-,
,5*(95(5

;6+6
36
8<,
3(
-,
,:
@
/(*,
,5
56:6;96:e
,+0(5;,
,:(
,5*(95(*0P5
3(

<*(90:;K(
:,
*65=0,9;,
,5
(3.6
4C:
8<,
<5
:0.56e
5
3(
=,9:0P5
+,
‘

+,
3(
,12'232'-
+,*K(d
r79,5+(46:
(
56
(99,)(;(9
+,3
:0.56
3(
*6:(
:0.f
50-0*(+(sb
@(
8<,
r3(
=,9+(+
56
7<,+,
:,7(9(9:,
5<5*(
+,
36:
:0.56:se

:;6
+0-0*<3;P
(
(3=056
7,9:<(+09
(3
r7(;90(9*(s
xr5;0:;,:sy
+,
<f
90*/b
,0590*/
<3305.,9
+,
8<,
/0*0,9(
*(<:(
*64T5
*65
05,)9(e

9(:
<5(
=0:0;(b
(3=056
3,
,:*90)0P
8<‹
r(<58<,
:6@
*65:*0,5;,
,5
4K

40:46
+,
<5(
<50P5
4C:
K5;04(
*65
90:;6
,5
,3
:(*9(4,5;6
+,
36
8<,

<:;,+
,?79,:(
,5
:<:
7(3()9(:b
,:6
56
+,),9K(
047,+09
8<,
;<=0H9(46:

,3
40:46
90:;6c
50
:,9
<56
,5
H3e
<0AC
:,(
:636
(
;9(=H:
+,
,:,
!-,1#,V
131
05;,956
*P46
76+,46:
<50956:
,3
<56
*65
,3
6;96se
:6
,:
36
8<,

(3=056
*65:0.<0P
,5
‘•
*<(5+6
-094P
,3
65:,5:6
+,
<90*/
x-,V
1#,131
'%30',31ye
<:
Ž’
(9;K*<36:
,9(5
<5
*6479640:6
;,63P.0*6e
<:

(+=,9:(906:
36
(*<:(965
+,
:,9
r:05*9,;0:;(sb
<5
;H94056
<;030A(+6
769

9(:46
7(9(
05+0*(9
<5
(*<,9+6
6769;<50:;(
,5;9,
+6:
7(9;,:
7(9(
/(f
*,9
<5
-9,5;,
*64T5
*65;9(
6;96:b
@
,5
.9(5
7(9;,
;,5K(5
9(AP5e
,96

e,9(
,3
*640,5A6
+,
(3.6
+0:;05;6d
<5(
;9(+0*0P5
796;,:;(5;,
r9,-694(f
+(s
)0*H-(3(
x(3
= 056
1 t
<3305.,9y
8<,
6-9,*K(
<5
3,.(+6
;,63P.0*6
+,f
-,5+0)3,
,5
<5
464,5;6
,5
8<,
,3
3<;,9(50:46
,:;()(
,5+<9,*0,5+6
:<

(*;0;<+
*65-,:065(3e
(3=056
,479,5+0P
3(
9,+(**0P5
+,
<5(
*65:;0;<*0P5
7(9(
3(
.3,:0(
C
 '
 ./-0$q)
 
'
-$./$)
.05,)905(e
3
ŽŒ
+,
56=0,4)9,
36:
4(.0:;9(+6:
+,
3(
*0<+(+
(796)(965

:<
796@,*;6
*65
(3.<5(:
,540,5+(:
7(9(
796;,.,9
:<
(<;690+(+e
(:

9+,5(5A(:
*3,:0C:;0*(:
*9,(965
<5(
*64<50+(+
=0:0)3,
(<;699,.<3(f

+(
+,
*9,@,5;,:b
*<@6:
7(:;69,:
+090.K(5
3(
*65.9,.(*0P5
7,96
,9(5

564)9(+6:
@
=0.03(+6:
769
36:
3(0*6:e
9(
<5(
,5;0+(+
,*3,:0C:;0*(
,5

3(
8<,
*()K(
<5
796*,:6
+,
r,+0-0*(*0P5s
4<;<(e
6:
+,4C:
7<,:;6:

v 4(,:;96:
xr+6*;69,:syb
(+4050:;9(+69,:
+,
3(
(@<+(
(
36:
76)9,:

xr+0C*656:sy
@
*65:,1,96:
+,
3(
.3,:0(
xr(5*0(56:syv
;,5K(5
36:
40:f
46:
796*,+040,5;6:
+,
564)9(40,5;6
@
=0.03(5*0(e
8<,336:
+0:76:0f
;0=6:
9,-3,1()(5
,3
,:;<+06
769
(3=056
+,
3(
.3,:0(
7(<305(
79040;0=(
@

:<
-<5+(4,5;6
3,.(3e
,=,3(5
:<
79,-,9,5*0(
769
,3
.6)0,956
*63,.0(f
+6e
6:
7(:;69,:
,:;()(5
6)30.(+6:
(
9,<509:,
<5(
=,A
(
3(
:,4(5(
7(9(

+0:*<;09
:6)9,
3(
0)30(b
@
(8<,3
-<,
,3
690.,5
+,
3(
r*65.9,.(*0P5
+,

7(:;69,:s
8<,
*65
,3
;0,476
:,
*65=,9;09K(
,5
<5(
05:;0;<*0P5
-6940+(f
)3,b
9,:7,;(+(
,5
3(
*0<+(+
@
,5
,3
,?;9(51,96e
5
,3
*69(AP5
+,
3(
.3,f
:0(
,:;()(
,3
r65:0:;6906sb
<5
*65:,16
(<;699,.<3(+6
+,
3(0*6:
@
*3H90f
.6:
7(9(
:<7,9=0:(9
3(
469(3
@
,3
)0,5,:;(9
+,
3(
*64<50+(+e
(:

*0<+(+,:
796;,:;(5;,:
+,
T90*/b
(:03,(
@
,95(
/()K(5
,:;()3,*0+6

r;90)<5(3,:
4(;904650(3,:s
7(9(
9,:63=,9
*<,:;065,:
(5;,90694,5;,

.,:;065(+(:
769
36:
;90)<5(3,:
,*3,:0C:;0*6:e
3
65:0:;6906
+,
(3=056

,9(
+0-,9,5;,
@(
8<,
:<7,9=0:()(
3(
469(30+(+
+,
3(
*65.9,.(*0P5
,5

:<
*651<5;6e
5
3(
79C*;0*(b
36:
7(:;69,:
:,
*65=09;0,965
,5
:09=0,5;,:

7(.(+6:
+,3
:;(+6
.05,)9056
(3
8<,
+,)K(5
3,(3;(+b
@
,3
564)9(40,5f
;6
+,
36:
4(@69,:
,9(
9(;0-0*(+6
769
,3
65:,16
+,
3(
*0<+(+e
636
,3

76+,9
+,
,?*64<50P5
7,94(5,*K(
,?*3<:0=(4,5;,
,5
4(56:
+,3
65f
:0:;6906e
(3=056
)<:*P
5<,=6:
7(:;69,:
7(9(
3(
.3,:0(e
()K(
4<*/(:
=(f
*(5;,:
7,96
,9(5
,:*(:6:
36:
*(5+0+(;6:
8<,
:(;0:-0*0,9(5
:<:
,:;90*;(:

*65+0*065,:e
5(
7904,9(
)(1(
-<,
,)(:;0(5
/C;03365
x(:;,3306yb
(

8<0,5
(3=056
/()K(
05=0;(+6
(
+(9
*3(:,:
,5
<5
*63,.06
<50=,9:0;(906

+,
05,)9(
@
8<,
:,
*65=09;0P
,5
7(:;69e
(9,*K(
<5
)<,5
564)9(40,5f
;6b
7,96
:<
9,3(*0P5
4<;<(
:,
(.90P
769
+0-,9,5*0(:
;,63P.0*(:
8<,
9,=,f
3(5
3(
05:,.<90+(+
+,
(3=056e
0A6
-(3;(
3(
33,.(+(
+,
6;96:
,?030(+6:

7(9(
*65=,9;09
,3
,:;(4,5;6
7(:;69(3
+,
05,)9(
,5
<5
4050:;,906
79,f
+0*(+69
3,(3
@
,:;()3,b
*65
,3
8<,
(3=056
,:;()(
4,169
,8<07(+6
7(9(

(-965;(9
3(
676:0*0P5
8<,
;9(;()(
+,
+,:(*9,+0;(936
@
+,:;0;<0936e
5

‘’
,3
05-3<16
+,
36:
9,-<.0(+6:
:,
*65=09;0P
,5
-6*6€50*0(3
7(9(
:<:

6765,5;,:b
(3.<56:
+,
,336:
*0<+(+(56:
.05,)9056:
4<@
)0,5
:0;<(+6:e

5
3(
05*070,5;,
;694,5;(
8<,
:,
0)(
*,950,5+6
:6)9,
H3b
,3
(:<5;6
+,
 - $q)
- +- .$q)
- !*-(  /
 '
 ./-0$q)

'
-$./$)

,9=,;<:
x0.<,3
,9=,;y
-<,
<56
+,
36:
4<*/6:
,5
8<,
(3=056
,8<0f
8<,
<;030A(9(5
3(
,:7(+(
7(9(
4(5;,5,9
,5
3(
*64<50+(+
3(
9,30.0P5
=,9f
=6*P
3(
56;(e
,9=,;
,9(
<5
4H+0*6
796*,+,5;,
+,
(=(99(
6
9(.P5

+(+,9(e
8<,
/()K(
/<0+6
+,
3(
58<0:0*0P5
@
(3
8<,
(3=056
@(
*656*K(
769
:<:

 3
(N6
:0.<0,5;,
:,
796+<16
<5
(:(3;6
-965;(3
*65;9(
(3=056
,5
<5

6705065,:
76*6
69;6+6?(:
:6)9,
,3
r:<,N6s
+,3
(34(
+,:7<H:
+,
3(

30)96
;0;<3(+6
#
&!#0#2'!'1R
,
1',2.#01#/3#,"'
z65
9,:7,*;6
(
36:
/,9,f
4<,9;,e
5;9,
 ‘Ž
@
‘‘
7<)30*P
;9(+<**065,:
+,
3(
0)30(
8<,
9,*<f
1,:
@
*P46
+,),9K(5
:,9
7,9:,.<0+6:{b
7<)30*(+6
)(16
<5
564)9,
:<f
99K(5
(
;9(+0*065,:
,?,.H;0*(:
1<+K(:b
.5P:;0*(:b
7(5;,K:;(:
@
5,673(;Pf

7<,:;6
@
*65
<5
-(3:6
70,
+,
0479,5;(
+,
H)(:;0,5
(:;,3306e
3
*<,976

50*(:b
@
,5
‘
‘
:<
6)9(
4C:
:0:;,4C;0*(
+,
;,636.K(b
0'12','1+'#12'V
7905*07(3
+,
3(
6)9(
,9(
<5(
40:*,3C5,(
+,
;,?;6:b
,5
:<
4(@69K(
+,

232'-R
,5
3(
8<,
05:0:;K(
,5
;,:0:
(5;,9069,:
*65;9(
,3
+6.4(
+,
3(
9050+(+

6)9(:
+,
36:
9,-694(+69,:
796;,:;(5;,:
x05*3<0+6
(3=056yb
8<,
:,

,:7,9(5+6
8<,
:09=0,9(5
*646
=K(
7(9(
9,05*69769(9
(
36:
1<+K6:
(
3(

6765K(5
(3
<:6
+,
3(
7,5(
+,
4<,9;,
7(9(
36:
/,9,1,:e
(
+,+0*(;690(
x(3

90:;0(5+(+e
5;,:
+,
:<
7<)30*(*0P5
/()K(5
*09*<3(+6
*670(:b
@
(3
7(f
+<8<,
/90:;67/
+,
U9;;,4),9.y
*64,5A()(
*65
<5(
,:*,5(
04(.0f
9,*,9
,306
6AA050
,9(
<56
+,
36:
8<,
3(
*656*K(5e
(
9,(**0P5
+,
(3f

5(90(d
<765.(46:
8<,
,3
+<8<,
(5<5*0(9(
<5(
=0:0;(
(
:<:
:T)+0;6:
@

=056b
*<(5+6
3,
,5=0(965
(3.<56:
7(:(1,:
,5
‘“
7(9(
8<,
36:
*64,5f
3,:
69+,5(9(
765,9:,
<5(
;T50*(
)3(5*(
,5
:<
/6569e
4(.05,46:
:<

;(9(b
-<,
4<@
/6:;03e
<(5+6
:,
7<)30*P
,3
30)96
,5
‘‘
33,=()(
<56:

9,(**0P5
*<(5+6
36:
,5*65;9(9(
+0:7<;(5+6
,5;9,
:Kb
(7<N(3C5+6:,
@

*64,5;(906:
+,
(3=056
,5
<5
79,-(*06b
@
:,
:05;0P
05+0.5(+6
(3
=,9
:<

4(;C5+6:,
,5
:<
564)9,b
@
:05
<5(
:63(
*(40:63(
)3(5*(
(
3(
=0:;(e
j6

564)9,
=05*<3(+6
(
<5(
6)9(
8<,
*65:0+,9()(
)3(:-,4(c
;9(;P
+,
8<,

,5*65;9(9K(
,:;6
9,79,5:0)3,i
05
,4)(9.6b
:0
90:;6
x8<,
/()K(
:0+6

3(
796/0)0,9(5
,5
3(
-,90(
+,3
30)96
+,
9(5*-69;
@
(3,9;P
4,+0(5;,
<5

,1,*<;(+6
769
/,9,1K(y
9,.9,:(9(
(
3(
;0,99(b
,:6
,:
36
8<H
,5*65;9(9K(e

05;,94,+0(906
(
3(:
(<;690+(+,:
,*3,:0C:;0*(:
+,
0,55,
x+65+,
=0=K(

6:
*90:;0(56:
+,),9K(5
409(9
,5
:<
79670(
(34(
@
56
*65+,5(9
(
6;96:e

,9=,;y
7(9(
/(*,9
8<,
:<
(<;69
-<,9(
+,;,50+6e
9(;(5+6
+,
/<09
(
;(f
3
7(7,3
+,
36:
4(.0:;9(+6:
,9(
4(5;,5,9
3(
:6*0,+(+
*0=03b
56
1<A.(9

30(b
,9=,;
:,
+,;<=6
,5
05,)9(b
+65+,
-<,
+,;,50+6
@
,5*(9*,3(+6
,3

:6)9,
;,636.K(e
8<,33(
6)9(
.(5P
9C70+(4,5;,
(<+0,5*0(
,5
9(5*0(e


+,
(.6:;6
+,
‘e
j6
/()K(
6-9,*0+6
(3=056
<5(
1<:;0-0*(*0P5
7(9(
*<(38<0,9
*(:;0.6

()K(
8<,
:64,;,936
(
1<0*06e
(3=056
,:;()(
9,79,:,5;(+6
769
:<

8<,
,3
9,@
-9(5*H:
7<+0,9(
05-30.09
(
36:
796;,:;(5;,:
05=6*(5+6
3(
5,*,f
:,*9,;(906b
0*63(:
+,
3(
65;(05,e
,
79,:,5;(965
;,:;046506:
69(3,:
@

:0+(+
+,
4(5;,5,9
3(
9,30.0P5
=,9+(+,9(
,5
:<
796706
9,056i
,:*90;6:b
@
,9=,;
:,
+,-,5+0P
*65
/()030+(+e
6:
4050:;96:
.05,)9056:

5
05,)9(
3(
676:0*0P5
:,
*,5;9P
,5
3(
*<,:;0P5
+,
:0
:,
+,)K(
7,9f
:,
*65*,5;9(965
,5
7(:(1,:
+,
6)9(:
(5;,9069,:
7(9(
+,46:;9(9
8<,
:<

40;09
(
36:
,?030(+6:
9,*0H5
33,.(+6:
*6479(9
36:
+,9,*/6:
@
,:;(;<:
+,

05;,979,;(*0P5
+,
3(
9050+(+
,9(
)3(:-,5€
@
769
36
;(5;6
7<50)3,
*65
3(

36:
)<9.<,:,:
+,
3(
*0<+(+e
,940;093,:
/(*,936
796769*065(9K(
,569f
4<,9;,e
(
)3(:-,40(b
:05
,4)(9.6b
,9(
+0-K*03
+,
+,46:;9(9b
,:7,*0(3f
4,:
.(5(5*0(:
(3
;,:696
+,
3(
*0<+(+b
7,96
(3
40:46
;0,476
*(4)0(9K(

4,5;,
*<(5+6
,3
05+0=0+<6
,5
*<,:;0P5
(7,5(:
/()K(
70:(+6
05,)9(
@

:<
*6476:0*0P5
763K;0*(
@
*65:630+(9K(
,3
+640506
+,
(3=056b
@(
8<,

56
,9(
<56
+,
:<:
*0<+(+(56:e
(3=056
(769;P
36:
;,:;046506:
+,
6;9(:

,9(5
,5
:<
4(@69K(
:,.<0+69,:
:<@6:e
6:
.05,)9056:
67<,:;6:
(
(3=0f
0.3,:0(:
9,-694(+(:
7(9(
05-3<09
:6)9,
36:
4(.0:;9(+6:b
8<0,5,:
796f
56
05;,5;(965
<5(
05:<99,**0P5
+<9(5;,
3(
56*/,
+,3
 ”
+,
4(@6
+,

5<5*0(965
,3
=,9,+0*;6
+,
*<37()030+(+
,3
Ž“
+,
6*;<)9,
+,
‘
‘
b
:0,5+6

‘‘‘
7,96
-9(*(:(965e
<:
+090.,5;,:
-<,965
1<A.(+6:
@
,1,*<;(+6:c

,9=,;
8<,4(+6
,5
3(
/6.<,9(
(8<,3
40:46
+K(e
8<,3
(:<5;6
7,9:0f
6;96:
/<@,965
(3
,?0306e
6:
4(.0:;9(+6:
(+40;0,965
3(
05*69769(*0P5

.<0P
(
(3=056
+<9(5;,
,3
9,:;6
+,
:<
=0+(e
<)30*P
<5
;9(;(+6
*65
,3

+,
9,-<.0(+6:
@
3(
*6473,?0P5
763K;0*(
+,
3(
*0<+(+
:,
;9(5:-694P

8<,
;9(;()(
+,
9,*<:(9
(
8<0,5,:
76+K(5
=,9::,
;,5;(+6:
(
7,5:(9
*646

,5
-(=69
+,
(3=056e
<9(5;,
3(
T3;04(
+H*(+(
+,
:<
=0+(
x4<90P
,5

,9=,;b
,:7,*0(34,5;,
,5
3(
*64<50+(+
+,
,?030(+6:
0;(30(56:e

*65;0f
‘’yb
:<
9,-694(
,:;()(
763K;0*(4,5;,
(:,.<9(+(
,5
05,)9(e
5<(*0P5
,?(405()(
,3
+,9,*/6
+,
36:
4(.0:;9(+6:
(
*(:;0.(9
(
36:
/,9,f
(3=056
79,+0*()(
x*65
,:;,5P.9(-6:
8<,
*670()(5
36
8<,
+,*K(y

1,:e
9(;(5+6
+,
56
:65(9
*646
,3
-9(5*0:*(56
,:7(N63
3-65:6
+,

<5(
:,4(5(
:K
@
6;9(
56e
,
,?;,5+K(
:6)9,
3(:
*<,:;0P5€
+,
(*;<(30+(+b

(:;96b
+0:;05.<K(
,5;9,
,3
*65+0*065(40,5;6
+,
3(:
*9,,5*0(:
+,
3(
.,5f
33,=C5+63(:
(
6K+6:
+,
36:
.05,)9056:
@
,3,=(5+6
3(:
,?7,*;(;0=(:
@

;,
@
3(
+,-,5:(
+,
3(
+6*;905(
=,9+(+,9(e
5
36
8<,
:,
9,-,9K(
(
,:;(
T3;0f
*6479640:6:
+,
36
8<,
:<765K(
3(
,-694(e
6:
4(.0:;9(+6:
7<:0,965

4(b
(3=056
(7,3()(
(
3(
(<;690+(+
)K)30*(
7(9(
,?0.09
(
36:
79K5*07,:
,5
=0.69
36:
,:-<,9A6:
+,
3(
.3,:0(
*65
+0:76:0*065,:
3,.(3,:
8<,
*(4f
 ŽŒ '
 ./-0$*)

'
-$./$)
- $q)
- +- .$q)
- !*-( •

.0:;96
+,
36:
9,-<.0(+6:
8<,
79,;,5+K(5
*65=,9;09:,
,5
9,:0+,5;,:
c 'V

)0()(5
3(
=0+(
7T)30*(e
96:*90)0,965
3(
+(5A(b
*65;963()(5
3(:
9,79,f
'2,21d
,5
3(
*0<+(+e
(*0(
 ‘’Œ
05*3<K(
4C:
+,
‘eŒŒŒ
564)9,:b
3(
4(f
:,5;(*065,:
;,(;9(3,:b
3040;(965
,3
5T4,96
+,
564)9,:
7,940;0+6:
,5
,3

@69K(
+,
,336:
*(),A(:
+,
-(4030(e
3
5T4,96
;6;(3
+,
,?030(+6:
+,)K(
+,

)(<;0:46
,
05*9,4,5;(965
3(:
7,5(:
769
79640:*<0+(+b
)3(:-,40(
@

:,9
4C:
+,3
+6)3,b
+<730*(5+6
3(
76)3(*0P5
(<;P*;65(
+,
3(
*0<+(+e
,4)90(.<,Ae
,96
56
;6+6
,9(
9,79,:0=6e
5
36
8<,
:,
9,-,9K(
(
3(
3,.0:f
(
3,.0:3(*0P5
,9(
+,4(:0(+6
,:*(:(
@
+,4(:0(+6
;(9+K(b
(3.6
7(9;0f
3(*0P5
4(;904650(3b
8<,
(3=056
*65;90)<@P
(
9,+(*;(9b
3(:
69+,5(5A(:

*<3(94,5;,
,=0+,5;,
,5
,3
*65;963
+,
3(
30;,9(;<9(
796;,:;(5;,
0479,:(e

9,:<3;(5;,:
,9(5
79(.4C;0*(:
@
30),9(3,:e
,+<1,965
3(
,+(+
+,
4(@69K(

(:;(
7905*0706:
+,
3(
+H*(+(
+,
‘Œ
3(:
(<;690+(+,:
-9(5*,:(:
3(
/(f
3,.(3b
9,*656*0,965
,3
+,9,*/6
+,
3(
4<1,9
(
3(
,3,**0P5
+,
*P5@<.,
@

)K(5
;,50+6
4C:
6
4,56:
)(16
*65;963b
7,96
,5;65*,:
<5
.9<76
+,
04f
7,940;0,965
,3
+0=69*06
,5
*0,9;(:
*09*<5:;(5*0(:e
3
;90)<5(3
+,3
65f
79,:69,:
7905*07(34,5;,
+,
(9K:
(796=,*/(965
:<
,?7,90,5*0(
,5
,3

:0:;6906
*65=09;0P
3(
9,-694(
+,
(3=056
,5
<5(
;9(5:-694(*0P5
:6*0(3e

,?0306
.05,)9056b
9,/(*0,5+6
,3
4,9*(+6
@
-(=69,*0,5+6
3(
+0-<:0P5
(

,
9,<5K(
:,4(5(34,5;,
@
,3
5T4,96
+,
*(:6:
79,:,5;(+6:
(5;,
36:
(5f
.9(5
,:*(3(
+,
3(:
6)9(:
+,
(3=056
(:K
*646
3(:
)0)30(:
@
:(3;,906:
.05,f

*0(56:
(<4,5;()(
+,
(N6
,5
(N6b
*(:0
/(:;(
3(
4<,9;,
+,
(3=056e
:,

)9056:e
(:
(<;690+(+,:
-9(5*,:(:
56
:636
,9(5
05*(7(*,:
+,
05;,9*,7;(9

05*9,4,5;6
,?730*(
769
8<H
36:
.05,)9056:
7,5:()(5
8<,
3(
.3,:0(
:,

36:
,5694,:
*(9.(4,5;6:
+,
4,9*(5*K(:
8<,
*9<A()(5
3(
-965;,9(
50
36:

,:;()(
0540:*<@,5+6
*(+(
=,A
4C:
,5
:<:
=0+(:e
,
,?;,5+0P
3(
9,7<;(f
4,9*(+,9,:
(4)<3(5;,:
8<,
3(:
33,=()(5
(
3(:
-,90(:
@
4,9*(+6:b
:056

*0P5
+,
05,)9(
*646
<5(
r5<,=(
,9<:(3H5s
+0=05(b
;(5
(+409(+(
769

8<,
;(476*6
76+K(5
)368<,(9
3(:
3K5,(:
+,
*9H+0;6
8<,
05,)9(
6-9,*K(

:<:
+,-,5:69,:
*646
90+0*<30A(+(
769
:<:
+,;9(*;69,:e
3690465+
+,

(
:<:
+,;(330:;(:b
@
4,56:
(T5
3(:
9,+,:
+,
*699,:765:(3,:
4,+0(5;,
3(:

(,465+b
*65;,4769C5,6
+,
65;(0.5,
@
4(.0:;9(+6
,5
<9+,6:b
:,

8<,
36:
4(5<:*90;6:
,5;9()(5
,5
,3
9,056e
,:+,
‘‘‘
0479,5;(:
796f
)<93()(
+,
36:
,?030(+6:
796;,:;(5;,:
-9(5*,:,:
8<,
(*<+K(5
,5
4(:(
(3

;,:;(5;,:
(<;P*;65(:
,:;()3,*0,965
<5(
*(),A(
+,
7<,5;,
,5
@65
@
,5

3<.(9
8<,
33(4()(5
r 0,9P7630:s
x0<+(+
(5;(ye
<C5b
+0:7<,:;(:
(
:(;0:-(*,9
3(
+,4(5+(
,5
36:
r(NP„:
4(9(=0336:6:s

+,3
796;,:;(5;0:46
-9(5*H:
+,
‘’Œf‘’Že
<9(5;,
3(
+H*(+(
+,
‘
‘Œ
,3

(7(9(;6
1<+0*0(3
-9(5*H:
05=,:;0.()(
(
76*6:
:6:7,*/6:6:
@
*65+,5()(

(T5
4,56:
+,
,336:e
(:;(
36:
;9(:3(+6:
+,
790:065,96:
+,
<5(
1<90:+0*f
  
   :
     
    
*0P5
(
6;9(
,:;()(5
,5
7,30.96
769
3(
*(7(*0+(+
+,
36:
.9<76:
+,
=0.0f
3(5;,:
796;,:;(5;,:
7(9(
,4)6:*(936:
@
30),9(936:e

7(9;09
+,
‘•
3(
,-694(
-9(5*,:(
79,:,5;()(
(
:<:
*65;,4769C5,6:

(
3,.0:3(*0P5
*65;9(
3(
/,9,1K(
,:;()(
-9(*(:(5+6
,5
,3
7(K:b
7,96

<5(
7(9(+61(e
3
:;(+6
4C:
76+,96:6
,-,
<967(
/()K(
,479,5+0+6
3(

36:
3K+,9,:
763K;0*6:
-9(5*,:,:
7(9,*K(5
56
7,9*0)0936e
<
409(+(
,:;()(

9,79,:0P5
@
/()K(
-9(*(:(+6e
65
,3
+0*;6
+,
65;(05,)3,(<
x1<506
+,

7<,:;(
,5
36
8<,
:<*,+K(
,5
,3
,?;9(51,96b
@
,3
*6479640:6
9,(3
,5
7,9f
‘Œy
3(
/,9,1K(
:,
*65=09;0P
,5
<5
*904,5
+,
:;(+6
@
3(
3,.0:3(*0P5

:,.<09
3(
/,9,1K(
:0,479,
/()K(
,:;(+6
:64,;0+6
(
3(:
79,:065,:
*65;9(f
9,(3
:,
,5+<9,*0P
/(:;(
,3
+0*;6
+,
/C;,(<)90(5;
x ‘‘ ye
9(5*0(
56

7<,:;(:
+,
3(
+07364(*0(
05;,95(*065(3e
(
763K;0*(
,?;,9069
-9(5*,:(
(3

5,*,:0;()(
<5(
58<0:0*0P5
7698<,
:<:
4(.0:;9(+6:
@
.6),95(+69,:
36f
,:;,
+,3
05
+,7,5+K(
+,3
(76@6
+,
36:
79K5*07,:
(3,4(5,:b
7905*07(3f
*(3,:
*<473K(5
,:(
-<5*0P5e
3
)9<;(3
,?;,940506
+,
36:
=(3+,5:,:
,5

4,5;,
796;,:;(5;,:e
5*3<:6
+,:7<H:
+,
3(
4<,9;,
+,
(9.(90;(
+,
(f
()903
+,
‘‘
,5
H905+63
x96=,5A(y
@
()90H9,:
x,5
,3
,5*3(=,
7(7(3

=(99(
,5
‘
‘b
5908<,

:0.<0P
:0,5+6
05+<3.,5;,
/(*0(
8<0,5,:
,5
:<

+,3
*65+(+6
,5(0::05y
6-9,*0P
3(
79<,)(e
05
,4)(9.6b
/(:;(
,:,
*(:6

,5;6956
4(5;,5K(5
6705065,:
+0:0+,5;,:e
()K(
<5(
05.,5<(
:,5:(*0P5

,?*,7*065(3
46:;9()(
3(:
+0-0*<3;(+,:
+,
3(
9,79,:0P5b
@(
8<,
:<:
9,:f
+,
67;040:46
,5;9,
36:
.9<76:
.6),95(5;,:
-9(5*,:,:
:6)9,
:<
*(7(*0f
765:()3,:
-<,965
(
:<
=,A
05=,:;0.(+6:
769
<5
;90)<5(3
1<+0*0(3
,:7,*0(3

+(+
7(9(
765,9
-05b
:0
,9(
5,*,:(906b
(
3(
/,9,1K(e
6:
4(.0:;9(+6:
-9(5f
769
()<:6
+,
76+,9e
8<,336
,9(
:636
<5(
:,N(3
+,
3(
05*6/,9,5*0(
+,
3(

*,:,:b
,5
*(4)06b
,:;()(5
79,6*<7(+6:
769
56
*9,(9
4C9;09,:e„
6:
1<,f
9,79,:0P5
-9(5*,:(e
<9(5;,
3(:
+H*(+(:
+,
‘Œ
@
‘‘Œb
8<0,5,:
;,f
*,:
,5;,5+K(5
8<,
,3
=(369
,1,473(9
+,
3(
7,5(
*(70;(3
,9(
-C*034,5;,

4K(5
<5(
05=,:;0.(*0P5
1<+0*0(3
76+K(5
*9<A(9
x;,4769(34,5;,y
3(

5,.(+6
769
3(
*<3;<9(
+,3
4(9;0906e
 3
4C9;09
*90:;0(56
,9(
<5(
-0.<9(

-965;,9(
,
05*69769(9:,
(
3(:
*64<50+(+,:
+,
,?030(+6:
,5
,5(50(
@
,3

-(4030(9b
7,97,;<(+6
769
3(:
;9(+0*065,:
/(.06.9C-0*(:b
@
3(
9,79,:0P5
)69+,
6**0+,5;(3
+,
<0A(e

7(9;09
+,
‘•
05,)9(
4(5;,5K(
<5
9,f
 - $q)
- +- .$q)
- !*-( 
1<+0*0(3
+,
3(
/,9,1K(
*9,()(
<5(
,:*,5(
79,:0+0+(
769
,:(
-0.<9(
8<,

4<*/6:
796;,:;(5;,:
,:;()(5
+0:7<,:;6:
(
9,79,:,5;(9e
3
Ž
+,
(.6:;6

+,
‘‘
,3
0479,:69
.05,)9056
,(5
9,:705
79,:,5;P
<5(
*64703(f
*0P5
+,
:<:
1<0*06:
(
36:
4(.0:;9(+6:
+,
05,)9(b
70+0H5+63,:
7,940:6

7(9(
7<)30*(936:e
9,6*<7(+6:
769
:<
,-,*;6
9,;P90*6b
3,
9,*64,5+(965

8<,
3(:
7(3()9(:
r:(5;6:s
@
r4C9;09,:s
-<,9(5
:<:;0;<0+(:
769
;H94056:

4,56:
*(9.(+6:e
(3=056
05;,9=056
*65;9(
,336:
@
,3
30)96
-<,
7<)30*(f
+6
:05
*(4)06:e
5
:<
79,-(*06b
9,:705
05:0:;K(
,5
,3
=(369
7,+(.P.0*6

+,
3(:
5(99(*065,:
:6)9,
4C9;09,:e
,169
8<,
<5
9,30*(906
+,
:(5;6:
(3

=0,16
,:;036b
<5
4(9;09636.06
*65;()(
3(
,?7,90,5*0(
+,
.,5;,
*64,5;,

*65;,4769C5,(b
,5
*(95,
@
/<,:6b
:0;<(+(
,5
*09*<5:;(5*0(:
,?;9(69+0f
5(90(:b
+,-,5+0H5+6:,
@
,?730*C5+6:,
36
4,169
8<,
76+K(5b
+(5+6
;,:f
;046506
+,
:<
-,
40,5;9(:
*3(=()(
<5
*3(=6
,5
,3
(;(T+
+,
3(
(<;690+(+

8<,
3(
1<A.()(e
#
'40#
"#1
02701
,9(
<5(
3,*;<9(
6)30.(;690(e
,.<f
3(94,5;,
(4730(+6
@
9,0479,:6
/(:;(
’Œ•b
*65;90)<@P
(3
7(;9046506

*64T5
+,
36:
4(9;09636.06:
796;,:;(5;,:e
,:+,
3(
+H*(+(
+,
‘Œ
,3
796;,:;(5;0:46
,5
9(5*0(
,9(
05+0:;05f
.<0)3,
+,
3(
+0-<:0P5
+,3
*(3=050:46b
8<,
6-9,*K(
<5
3,5.<(1,
+,
676:0f
*0P5d
*9K;0*6b
*(90*(;<9,:*6
@
*65=,5*0+6e
5
.,5b
769
,1,4736b
,3

4(,:;96
+,
,:*<,3(
,5:,N()(
(
:<:
(3<456:
8<,
3(:
=,3(:
,5*,5+0+(:
,5

3(:
0.3,:0(:
,9(5
<5(
9,308<0(
+,3
7(.(50:46e
56
+,
,:6:
(3<456:
:,

)<93P
4C:
;(9+,
+,
<5
:(*,9+6;,
,5
3(
*(33,b
+0*0H5+63,d
rh +
(
;9()(1(9b

*<9(:b
+,),9K(0:
(;,5+,9
(
=<,:;96:
=0N,+6:gse
;96
16=,5
+,
3(
40:4(

*0<+(+
:,
,5*65;9P
*65
<5(:
:,N69(:
+,
=<,3;(
+,
40:(
@
3,:
+016
8<,

(*()()(5
+,
r9,*0)09
<5
06:
+,
7,.(se
 3
+K(
+,
6+6:
36:
(5;6:
+,

‘
‘
Žb
<5
.9<76
+,
/64)9,:
:,
9,<50,965
,5
3(
7<,9;(
+,
3(
*(;,+9(3

+,
<C5
7(9(
)60*6;,(9
,3
:,94P5b
.90;(5+6
rh<H
,:;<70+,Agsb
40,5f
;9(:
8<,
:<:
*647(N,96:
4(<33()(5
*646
.(;6:
,5
36:
)(5*6:e
5
‘
‘•b

,5
96=05:b
36:
*(;P30*6:
-<,965
()0,9;(4,5;,
90+0*<30A(+6:
,5
3(:
*(f
33,:
*646
r3,796:6:s
x!%-21ye
5
36:
*,4,5;,906:b
,5
36:
69(;6906:
+,

36:
*(4056:
@
,5
3(
+,*69(*0P5
,?;,9069
+,
3(:
0.3,:0(:b
3(:
04C.,5,:

*90:;0(5(:
,9(5
796-(5(+(:
,5
(*;6:
(5P5046:
+,
0*656*3(:0(e
5
6f

@65b
+65+,
/()K(
5(*0+6
(3=056b
<5(
,-0.0,
+,
90:;6
,5
,3
7(;06
+,
3(

0.3,:0(
36*(3
-<,
+,990)(+(
@
(99(:;9(+(
769
36:
70,:
<5(
56*/,
+,
(.6:;6

+,
‘“b
:<:7,5+0H5+63(
3<,.6
+,
<5(
/69*(
,5
3(
73(A(
*,5;9(3
+,3

7<,)36e
*;6:
*646
(8<,336:
,9(5
<5
+,:(-K6
(
3(
(<;690+(+b
<5(
(+=,9f
;,5*0(
+,
8<,
36:
,5*(9.(+6:
+,
3(
=0.03(5*0(
56
76+K(5
@(
*65;963(9
3(

/,9,1K(e
jP46
0)(5
(
9,:765+,9
36:
*(;P30*6:i
3
:(*,9+6;,
@
7963K-0*6

(<;69
+,
7(5-3,;6:
9;<:
H:09H
:,N(3()(
,5
3(
+H*(+(
+,
‘
‘Œ
,3
*(40f
 '
 ./-0$*)

'
-$./$)
56
(
:,.<09e
63=0,5+6
3(
0479,5;(
*65;9(
36:
796;,:;(5;,:b
*65:;9<@P

<5
,:;,9,6;076
+,
(8<,33(:
r*<*(9(*/(:s
c$0,!1V23.',1d
+,
3(
r+,-69f
4(*0P5sb
796-,;(:
790C70*6:
+,3
5;0*90:;6
8<,
:,9K(5
,30405(+6:
,5
3(

79P?04(
)(;(33(
*P:40*(
8<,
(5<5*0()(
,3
-05
+,
36:
;0,476:e
(
9,(**0P5
+,
(3=056
(
,:6:
(*65;,*040,5;6:
-<,
7(9(+P10*(e
5

3<.(9
+,
(3,5;(9
(
:<:
*699,30.065(906:
(
3,=(5;(9
)(990*(+(:b
:,
,*/P

(;9C:e
<,9K(
8<,
3(:
*64<50+(+,:
*(3=050:;(:
:,
<50,9(5
,5
3(
*(90+(+

4<;<(b
7,96
(*65:,1()(
79,*(<*0P5e
<*/6:
+,
36:
8<,
/()K(5
r:()6f
9,(+6
3(
=,9+(+
+,
06:s
(*()(9K(5
r/<5+0H5+6:,
,5
3(
7,9+0*0P5se
6

*699,9K(5
7(9(
-694(9
0.3,:0(:
50
0)(5
(
,5-9,5;(9:,
+09,*;(4,5;,
(
3(

(<;690+(+
9,(3e
3
,:-<,9A6
40:065,96
+,
05,)9(b
,5=0(5+6
7(:;69,:

-694(+6:
(
,:(:
*65.9,.(*065,:b
*64,5AP
4<@
;(9+,e
646
*65:,f
*<,5*0(b
3(
,-694(
-9(5*,:(
56
,:;()(
r/,*/(
,5
05,)9(sb
,
05*3<:6

:,
+,*K(
8<,
(3=056
/()K(
4,;0+6
3(
7(;(
@
8<,
:<
79<+,5*0(
/()K(

33,=(+6
(3
*9,*040,5;6
+,
<5
46=040,5;6
8<,
56
76+K(
+090.09
50
.,:f
;065(9e
05,)9(
56
047<:6
:<
69+,5b
+0:*07305(
6
*65-,:0P5
,*3,:0C:;0*(

(
3(:
0.3,:0(:
-9(5*,:(:
,4,9.,5;,:b
:056
8<,
:,
,5*65;9P
*65=,9;0+(

8<0,9(:
8<,
56
,5
<5(
-<,5;,
+,
(<;690+(+
7(9(
3(:
0.3,:0(:
+0=0+0+(:b

+0:7,9:(:
@
:05
3K+,9,:
+,
;6+(
9(5*0(b
8<,
5,*,:0;()(gg
3(
:,.<90+(+

+6*;905(3
@
+0:*07305(90(
8<,
05,)9(
796769*065()(e
6*6
(
76*6
3(:

0.3,:0(:
-9(5*,:(:
:(30,965
+,
3(:
:64)9(:
+,:7<H:
+,
 ‘
‘
‘
+,
<5(
-69f
4(
8<,
50
3(
(<;690+(+
9,(3
50
05,)9(
76+K(5
*65;963(9
,-0*(A4,5;,e

<
30+,9(A.6
7(:P
(
:<
+,)0+6
;0,476
(
3(
56)3,A(
-9(5*,:(b
*65
*65:,f
*<,5*0(:
4<@
+0-,9,5;,:
+,
36
8<,
/<)0,9(
76+0+6
79,;,5+,9
(3=056e
     

 
    
    <
 :
 :
  
,5(50(b
+,:+,
(:03,(
/(*0(
,3
569;,b
6-9,*K(
<N
*6)016
:,.<96
(
3(
,f
-694(e
6
,:
*<,:;0P5
+,
:<),:;04(9
:<
H?0;6
v 769
,1,4736
,5
:;9(:f
)<9.6
x‘Ž•y
@
,5
9C5*-69;
x‘’yv

:056
+,
,?730*(9
769
8<H
-9(*(:P

,5
6;96:
3<.(9,:e
5
(8<,3
,:7(*06
-9(.4,5;(+6b
3(
,-694(
,5
<5
3<f
.(9
:<:*0;()(
9,(**0P5
@
676:0*0P5
,5
6;96b
*65
+,:73(A(40,5;6:
/<4(f
56:b
,?030(+6:
6)30.(+6:
6
=63<5;(906:b
8<,
(*;<()(5
*646
*6990,5;,:

+,
*65=,**0P5
(
-(=69
@
,5
*65;9(
+,
3(
,-694(e
5
<5
* :6
:,
:(30P
+,

4(+9,e
,5(50(
,9(
,3
*699,+69
+,
*64<50*(*0P5
7(9(
,3
047,906
+0f
5C:;0*6
():)<9.6b
:<:
4,5:(1,96:
@
:<:
-<,9A(:
4030;(9,:e
3.<5(:
 - $q)
- +- .$q)
- !*-( 
C9,(:
,9(5
:<:
;0,99(:
/,9,+0;(90(:c
6;9(:
:,9=K(5
*646
-65+6
+,
9,*3<f
;(40,5;6e
33K
+65+,
76+K(5b
,:(:
9,.065,:
,:;()(5
,5
*65;9(
+,3
*(4f
)06
9,30.06:6b
(76@(+(:
769
36:
05;,9,:,:
*9,(+6:
36*(3,:e
(9(
36:
4(.0:;9(+6:
+,
3(:
*0<+(+,:
+,
,5(50(
+65+,
:,
0473(5f
;P
3(
,-694(b
3(
*<,:;0P5
,9(
*P46
.,:;065(9
,3
*(4)06e
6
,9(
(3.6

-C*03b
,:7,*0(34,5;,
,5
<5
3<.(9
*646
:;9(:)<9.6b
+65+,
/()K(
;,99,f
56
-H9;03
()65(+6
7(9(
7905*0706:
9,30.06:6:
+,
;6+6
;076e
0
(33K
56
/<)6

<5(
04769;(5;,
(.0;(*0P5
:6*0(3b
-<,
7698<,
36:
7(;90(9*(:
+,
3(
*0<+(+

7,9*0)K(5
36:
3K40;,:
+,
:<
79670(
(<;690+(+e
,5;96
+,
:<:
4<9(33(:
:,

76+K(
,5*65;9(9b
1<5;6
(
3(
4(@69K(
7(9;0+(90(
+,
3(
,-694(
4(.0:;,f
90(3b
7036;(+(
769
(9;05
<*,9
/(:;(
8<,
-<,
6)30.(+6
(
()(5+65(9
3(

*0<+(+
,5
‘“b
3<;,9(56:b
A<05.30(56:
:(*9(4,5;056:b
)(950A(+69,:
+,

(+<3;6:b
,:7090;<(30:;(:b
,70*T9,6:
x,:;6
,:b
/<4(50:;(:
30),9(3,:yb
,=(5f
.H30*6:
-9(5*,:,:b
,40.9(+6:
+,
5.3(;,99(
@
+,
36:
(K:,:
(16:b
*9K;0f
*6:
+,
36:
+0,A46:b
3(
<:<9(
@
36:
465(:;,906:b
@
79,403,5(90:;(:e
<,
,5
:;9(:)<9.6
+65+,
<5
6):;05(+6
7,3,;,96
+,
*/>()0:*/

(33,b
,3*/069
6-4(55b
*656*0P
,3
(5()(7;0:46
,5
‘Ž•e
5
<5
*6f
4,5;(906
(3
30)96
+,
(50,3b
7<)30*(+6
,5
‘Ž’b
/()K(
(5<5*0(+6
8<,
,3

<0*06
05(3
;,5+9K(
3<.(9
(3
*()6
+,
:0,;,
(N6:e
9:<3(
@
0,5/(9+
6:;

@
(9)(9(
,):;6*2
x3(
r.9(5
796-,;0:(
+,
3(
(3):.(::,syb
*656*0+6:

36:
;9,:
769
:<:
;9(5*,:b
3,
*65=,5*0,965
56
:636
+,
8<,
:,
(796?04(f
)(5
36:
'3;046:
K(:b
:056
8<,
H3
40:46
,9(
,3
5<,=6
30(:e
6--4(5

796*3(4P
:;9(:)<9.6
*646
3(
,9<:(3H5
,:7090;<(3
+65+,
90:;6
,:;(f
)3,*,9K(
:<
9,056
:6)9,
3(
;0,99(e
5*(9*,3(+6
769
36:
4(.0:;9(+6:b
*65f
:0.<0P
,:*(7(9
=(90(:
=,*,:
(
3(
(1(
87(50(
@
(
36:
(K:,:
(16:
7(9(

+0-<5+09
:<:
=0:065,:
4,:0C50*(:e
5
‘b
+,
9,.9,:6
(
:;9(:)<9.6b

,:;<=6
(
7<5;6
+,
=63=,9
(
:,9
+,;,50+6b
7,96
36:
4(.0:;9(+6:
+,
3(
*0<f
+(+
9,5<5*0(965
(
,336e
9(
:636
<56
,5;9,
36:
*,5;,5(9,:
+,
05+0=0+<6:

*647964,;0+6:
*65
,3
*(4)06
9,30.06:6
9(+0*(3
8<,
;,5K(5
8<,
=0.03(9e
6:
9,-<.0(+6:
+,
9(5*0(b
36:
(K:,:
(16:b
5.3(;,99(
@
:*6*0(
,5

,5(50(
76+K(5
<509:,
(
<5(
.3,:0(
r,?;9(51,9(sb
<5(
*64<50+(+
:,7(f
9(+(
+,3
3<;,9(50:46
(4)0,5;(3e
(;69*,
+,
;(3,:
0.3,:0(:
4(5;<=0,965

<5(
,?0:;,5*0(
;,5<,
,5
,3
7,9K6+6
*6479,5+0+6
,5;9,
‘”
@
‘’b
,:f
;(5+6
9(+0*(+(:
3(:
7905*07(3,:
,5
:;9(:)<9.6b
(:03,(b
9C5*-69;
@
,f

:,3e
9(5
*65.9,.(*065,:
(<;6.6),95(+(:b
7965;(:
(
+,1(9:,
:,+<*09
769

(8<,336:
+,
:<:
40,4)96:
8<,
)<:*(9(5
7<9,A(
469(3
@
+6*;905(3e
09(f
)(5
(
(3=056
7(9(
9,:63=,9
:<:
8<,9,33(:
@
:,
*65=09;0,965
,5
3(:
7904,f
9(:
0.3,:0(:
*(3=050:;(:
-<,9(
+,
05,)9(e
(
r,-694(
+,
36:
9,-<.0(f
+6:s
:,
,?;,5+0P
-<,9(
+,
3(:
*0<+(+,:e
5;9,
3(:
465;(N(:
+,
36:
6:.6:
Ž '
 ./-0$q)

'
-$./$)
@
1<5;6
(3
+<*(+6
+,
69,5(
/()K(
*64<50+(+,:
405,9(:
(:,5;(+(:
,5

;6956
(
(05;,f(90,f(<?f05,:
,5
,3
=(33,
+,3
KH7=9,b
+65+,
-369,*0P

3(
405,9K(
,5
,3
:0.36
?=0e
3.<56:
(5()(7;0:;(:
+,
T90*/
33,.(965
(33K

,5
3(
+H*(+(
+,
 ‘
Œb
.(5C5+6:,
3(
=0+(
H5
3(
(.90*<3;<9(
+,
465;(N(e

,
3,:
<50,965
405,96:
3<;,9(56:
+,
/()3(
(3,4(5(
@
4C:
;(9+,
9,-<.0(f
+6:
*(3=050:;(:
+,
3,5.<(
-9(5*,:(e
 ,
(3.T5
46+6
(8<,3
=(33,
+,
73<9(f
30:46
9,30.06:6
:6)9,=0=0P
(
-05(3,:
+,3
:0.36
?=0
,5;9,
*64(9*(:
+,
<50f
-6940+(+
*65-,:065(3
;,990;690(30A(+(
@
+0=,9:(:
*65-965;(*065,:
(
:<

(39,+,+69b
*646
<5(
,?*,7*0P5
796;,.0+(
-9,5;,
(
3(
7,9:,*<*0P5
769
:<

:,N69
-,<+(3
@
769
:<
79670(
6:*<90+(+e
6:
9,;6:
8<,
(-965;()(5
36:
4(.0:;9(+6:
,5
36:
(K:,:
(16:
,9(5

:0403(9,:
(
36:
+,
:;9(:)<9.6b
7,96
*65
(3.<5(:
+0-,9,5*0(:
56;()3,:e

<
.9(5
:,N69
,9(
<5
():)<9.6b
@
:<
908<,A(
-05(5*0()(
3(:
*(47(N(:

4030;(9,:
+,3
,47,9(+69e
(5;,
,9(
3(
4(@69
*0<+(+
+,
3(5+,:
@
4f

),9,:b
3(
16@(
+,
9()(5;,b
56
,:;()(
4<@
769
+,;9C:e
4:;,9+(4b
3(

4(@69
*0<+(+
+,
63(5+(b
,9(
,5
*(4)06
<5
7,8<,N6
7<,)3,*0;6
*65

4,56:
+,
Že‘ŒŒ
*(:(:e
5
<5(
4,+0+(
T50*(
,5
<967(b
3(
796:7,90+(+

+,
,:6:
3<.(9,:
+,7,5+K(
+,3
*64,9*06e
646
*65;9(7(9;0+(
+,
36:
-(9f
+6:
+,
;,10+6
-3(4,5*6
8<,
:,
=,5+K(5
,5
,3
4,9*(+(f+,
0;;,5),9.b

3(:
6)9(:
+,
<;,96
=0(1()(5
+,
9,.9,:6
(
36:
(K:,:
(16:e
5
‘Œ
:,

/()K(5
;9(+<*0+6
(3
5,,93(5+H:
4C:
+,
;9,05;(
+,
:<:
,:*90;6:
@
/()K(

4<*/6:
6;96:
;,?;6:
+,
9,-694(+69,:
796;,:;(5;,:b
;(5;6
,5
5,,93(5+H:

*646
,5
-9(5*H:b
7(9(
:(;0:-(*,9
36:
4,9*(+6:
=(365,:
@
-3(4,5*6:e
(
(*;0;<+
*<3;<9(3
+,
3(
,30;,
:,
7967(.()(
(
<5(
.9(5
796769*0P5

+,
3(
76)3(*0P5e
,
,:7,9()(
8<,
3(
.,5;,
:<70,9(
3,,9b
7,5:(9
@
(*;<(9

769
:K
40:4(e
(:
79<,)(:
8<,
56:
/(5
33,.(+6
+,
3(:
05=,:;0.(*065,:

:6)9,
3(
/,9,1K(
:<.0,9,5
3(
-694(
:,5*033(
,5
8<,
3(
.,5;,
*6990,5;,
,5f
;,5+K(
3(
9,30.0P5e
,5+,346,;
3(,:+6*/;,9
+,
6550*2,5+(4b
4<@

,:;04(+(
769
36:
796;,:;(5;,:
5,,93(5+,:,:b
+,:+,N()(
3(
,?;9,4(<5f
*0P5
8<,
:,
+()(
(
36:
,5-,946:
*646
r)<,5(
T50*(4,5;,
7(9(
3(:
,5f
:(3(+(:
6
7(9(
,5.9(:(9
3(:
)6;(:sb
769
36
8<,
-<,
8<,4(+(
,5
3(
/6.<,f
9(
,5
‘Ž“e
36@
9<@:;05*2b
<5
70A(99,96
+,
4),9,:
8<,
=0:0;P

0;;,5),9.
,5
‘Ž‘
@
+,)(;0P
*65
,3(5*/;/65b
7,5:()(
8<,
;6+6:

76:,,46:
<5
:7K90;<
(5;6
@
8<,
3(
-,
*65:0:;K(
,5
+,:,(9
7(9(
,3
79Pf
1046
36
8<,
<56
+,:,()(
7(9(
:K
40:46c
;(4)0H5
H3
(9+0P
,5
3(
/6.<,9(b

,5
‘e
(
.,5;,
:,5*033(
9,7,;K(
36
8<,
6K(
,5
3(
*(33,
6
,5
3(:
;(),9f
5(:b
,5
7(9;0*<3(9
8<,
36:
*3H90.6:
,9(5
<56:
/63.(AC5€b
8<,
,3
(@<56

796=6*()(
+6369,:
+,
*(),A(
@
8<,
+,*09
8<,
,3
7(5
@
,3
=056
:,
*65=,9f
;K(5
,5
,3
*<,976
@
3(
:(5.9,
+,
90:;6
,9(
7<9(
*/(93(;(5,9K(e

- $q)
- +- .$q)
- !*-( 
jP46
.,:;065()(5
3(:
-(4030(:
7(;90*0(:
+,
4),9,:b
(5;,
@

4:;,9+(4
,:(:
+0:,5:065,:i
6:
4(.0:;9(+6:
5,,93(5+,:,:
-694()(5

7(9;,
05;,.9(3
+,
3(
*<3;<9(
<9)(5(
3,;9(+(
@
*69769(;0=(b
,1,473(90A(+(

769
3(:
*C4(9(:
+,
9,;P90*(
+65+,
:,
9,<5K(5
(9;0:;(:b
(9;,:(56:
@
*6f
4,9*0(5;,:
)(16
,3
7(;96*0506
4<50*07(3e

4,+0(+6:
+,3
:0.36
?=0

79C*;0*(4,5;,
;6+(:
3(:
*0<+(+,:
+,
36:
(K:,:
(16:
;,5K(5
<5(
:6*0,f
+(+
+,
,:,
;076
v ,5
4),9,:
/()K(
=(90(:v
@
,5
(5;,
:,
*,3,)9()(

(5<(34,5;,
<5(
*647,;0*0P5
,5
3(
8<,
:,
79,40()(
3(
4,169
6)9(
;,(f
;9(3
:6)9,
<5
;,4(
7967<,:;6e
6:
;,?;6:
8<,
:,
*65:,9=(5
9,=,3(5
,:(

*<3;<9(
*K=0*(e
()K(
;,4(:
:(;K90*6:
-(4030(9,:
x*<9(:
7,9,A6:6:
@

4651,:
.69+6:y
@
6;96:
469(30A(5;,:e
5
3(
*647,;0*0P5
+,
‘•b

C4(9(
3/,3K
+,
4),9,:
6-9,*0P
<5(
9,79,:,5;(*0P5
:6)9,
,3
;,4(d

rj<C3
,:
3(
:<79,4(
,:7,9(5A(
+,
<5
/64)9,
(.650A(5;,ise
(
9,:f
7<,:;(
,9(
05,8<K=6*(4,5;,
796;,:;(5;,e
 3
*()6
+,
<5(:
:,4(5(:
+,
9,79,:,5;(*0P5
+,
3(
70,A(b
(5;,
:,

(3AP
,5
9,),30P5e
3.<56:
7(;90*06:
:,
:05;0,965
<3;9(1(+6:
769
,3
(;(f
8<,
+,3
,47,9(+69
(
:<:
790=03,.06:b
,?79,:(+6
,5
<5(
(9;(
8<,
3,:

/()K(
6)30.(+6
(
(*,7;(9
,5
3(
H76*(
+,
:<
r.6A6:(
,5;9(+(s
,5
3(
*0<f
+(+
,5

@
‘e
;96:
7,9;,5,*K(5
(
*K9*<36:
,=(5.H30*6:
6
,:;()(5
05+0.f
5(+6:
769
36:
*9,*0,5;,:
*6:;,:
+,
36:
r79H:;(46:
=63<5;(906:s
8<,

(936:

,?0.K(e
5
.9<76
+,
+090.,5;,:
+,
36:
.9,406:
+,;<=6
(
<56:

7(;90*06:
+,
36:
8<,
:,
9<469,()(
8<,
/()K(5
9,(30A(+6
7(*;6:
:,*9,;6:

*65
,3
,47,9(+69
7(9(
=63=,9
(
05-905.09
36:
790=03,.06:
+,
3(
*0<+(+e


36:
.90;6:
+,
36:
1695(3,96:
x36:
r.90;65,:syb
(8<,33(
6+06:(
(9;(
-<,

96;(
,5
7,+(A6:
-9,5;,
(3
(@<5;(40,5;6r+,
3(
*0<+(+b
+65+,
<5
5<,=6

640;H
+,
56;()3,:
+,*0+0P
*(4)06:b
*64,5A(5+6
769
3(
=,5;(
6)30.(f
;690(
+,
.9(56
(
79,*06:
9(A65()3,:e
(
9,),30P5
+,
(5;,
:,
+,:05-3P

(5;,:
+,
8<,
(*()(9(
,3
(N6e
(936:

=0:0;P
3(
*0<+(+
(
7905*0706:
+,
3(

<(9,:4(
+,
‘Œb
9,,:*90)0P
:<:
790=03,.06:
@
796:*90)0P
:<
C4(9(

+,
,;P90*(e
(5;,
,1,4730-0*()(
,3
7905*0706
+,
3(
,-694(
,5
36:
(Kf
:,:
(16:d
<5(
.<,99(
+,
7(3()9(:
+,
)(1(
05;,5:0+(+b
<5
,:;(330+6
+,

=063,5*0(
*(33,1,9(
@
676:0*0P5
*K=0*(e
(936:

,:;()(
+,*0+0+6
(
(73(:;(9
3(
/,9,1K(
,5
36:
(K:,:
(16:
@

36
*65:0.<0Pb
(<58<,
7(.(5+6
<5
79,*06
4<@
(3;6e
646
0)(
(
+,46:f
;9(9
3(
76:;,9069
,?7,90,5*0(
,5
;(30(b
:,
9,8<,9K(5
*09*<5:;(5*0(:
,?f
*,7*065(3,:
7(9(
8<,
3(
58<0:0*0P5
-<,9(
(*,7;(+(e
5
03C5
36:
*0<+(f
+(56:
:,
:<)3,=(965
*<(5+6
,307,

;9(;P
+,
05;96+<*093(e
5
C763,:

(4,5(A(965
,5
‘“
*65
<5(
9,),30P5b
36
8<,
6)30.P
(
3(
9,;09(+(
;,4f
769(3
+,
3(
7967<,:;(e
5
36:
(K:,:
(16:
:,
796+<16
<5(
676:0*0P5
:0f
Žb’ '
 ./-0$q)

'
-$./$)
403(9b
(<58<,
56
,=0;P
8<,
:,
*9,(9(
<5(
;905*(
+,
;90)<5(3,:
*0=03,:b

,*3,:0C:;0*6:
@
765;0-0*(3,:
7(9(
(730*(9
36:
,+0*;6:
x*!02#,y
*65;9(
,3

796;,:;(5;0:46e
(
5<,=(
3,.0:3(*0P5
*9,Pb<5(
+,-050*0P5
/K)90+(
+,

/,9,1K(
*646
<5(
-694(
+,
;9(0*0P5b
4C:
(;96A
8<,
3(
-(3:0-0*(*0P5

+,
465,+(e
5(
=,A
8<,
(3.<0,5
9,:<3;()(
*65=0*;6b
56
/()K(
*3,4,5f
*0(e
(
7,50;,5*0(
:636
*(4)0()(
,3
46+6
+,
,1,*<*0P5e
(
;9(0*0P5

*6533,=()(
3(
,?79670(*0P5
@
,3
7(:6
(
4(56:
+,3
:;(+6
+,
3(:
79670,f
+(+,:
+,
36:
*65+,5(+6:e
:;6
,9(
05:6769;()3,
7(9(
36:
7(;90*06:b
(3.<56:
+,
36:
*<(3,:
-<,f
965
=K*;04(:
+,
3(
5<,=(
3,.0:3(*0P5e
4),9,:
:,
5,.P
(
7<)30*(9
,3

,+0*;6
*65;9(
3(
/,9,1K(
+,
()903
+,
 ‘
‘Œ
7698<,
,?0.K(
<5
*,9;0-0*(+6
+,

*(;630*0:46
7(9(
76+,9
;9(:3(+(9:,
(33Kb
36
8<,
765K(
,5
90,:.6
,3
*6f
4,9*06
*65
5.3(;,99(
@
*65
,3
C3;0*6e
96505.(b
8<,
56
:,
05*69769P

(
36:
(K:,:
(16:
/(:;(
‘
’b
;(4)0H5
:,
8<,1P
+,
3(
05;,9-,9,5*0(
+,

9<:,3(:e
6:
+0:0+,5;,:
,:*(7(965
(33K
7(9(
6*<3;(9:,e

7(9;09
+,
‘Œ

36:
,+0*;6:
*65;9(
3(
/,9,1K(
/(*K(5
;(4)0H5
9,:765:()3,
(
3(
.<(9+0(

769
5,.30.,5*0(
6
(
36:
4(.0:;9(+6:
36*(3,:
769
3,50+(+b
/(*0,5+6
(T5

4C:
+0-K*03
3(
;(9,(
7(9(
36:
*640:0650:;(:
,:7,*0(3,:
@
36:
058<0:0+69,:

36*(3,:
564)9(+6:
7(9(
05=,:;0.(9
3(
/,9,1K(e
(+(
3(
67„P:0*0P5
36*(3b

,:
(T5
4C:
56;()3,
8<,
;(5;6:
-<,9(5
(3
*(+(3:6d
<56:
eŒŒ
,5;9,
4<f
1,9,:
@
/64)9,:
,5;9,
‘Ž
@
‘’’e
()K(
<5(
;(:(
4<@
(3;(
+,
*65+,f
5(:
x,5
3(5+,:
,3
’Œ
769
ŒŒ
+,
36:
05=,:;0.(+6:y
@
36:
05+<3;6:
,9(5

9(96:
x4,56:
+,3

769
ŒŒ
-<,965
30),9(+6:
*65
*(9;(:
+,
7,9+P5ye
(

9,79,:0P5
,30405P
(
36:
76;,5*0(3,:
3K+,9,:
796;,:;(5;,:
@
6)30.P
(
36:

7(;90*06:
(
<5
*65-6940:46
9,5<,5;,e
0
,5
9(5*0(
/()K(
-9(*(:(+6b
,5

36:
(K:,:
(16:
7(9,*K(
;90<5-(9e
,96
,:,
H?0;6
;<=6
*646
79,*06
3(
+,:(-,**0P5e
 6
:,
46:;9()(

()0,9;(4,5;,b
+(+6:
36:
90,:.6:
+,
3(
9,),30P5
@
3(
(<:,5*0(
+,
<5
30+,f
9(A.6
(90:;6*9C;0*6
(3
8<,
36:
+,:*65;,5;6:
7<+0,9(5
+090.09:,
,5
)<:*(

+,
(76@6
(5;,:
+,
‘’Œe
3
5T4,96
+,
36:
796;,:;(5;,:
,?030(+6:
+,
36:

(K:,:
(16:
,5
9,4,5b
(:03,(b
4+,5
x,5
(8<,33(
H76*(
<5(
r05,f
)9(s
796;,:;(5;,
,5
,3
569;,y
@
65+9,:
(<4,5;P
(
7(9;09
+,
3(
+H*(+(

+,
‘Œe
(:
*65:0.<0,5;,:
*64<50+(+,:
+,
,?030(+6:
,5
,3
,?;9(51,96

4(5;,5K(5
<5(
9,+
*3(5+,:;05(
+,
*65;(*;6:
@
*65.9,.(*065,:
796;,:f
;(5;,:
8<,
(
3(:
(<;690+(+,:
3,:
9,:<3;()(
4C:
+0-K*03
,30405(9e
 3
H?0;6

+,
3(
7,9:,*<*0P5
+,
(936:

790=P
(3
05*070,5;,
46=040,5;6
796;,:f
;(5;,
+,
8<0,5,:
76+9K(5
/(),9
:0+6
+,
-694(
5(;<9(3
:C:
+090.,5;,:

*65:,9=(+69,:b
7,96
*65
,336
()90P
3(
7<,9;(
(
<5
46=040,5;6
(5()(7f
;0:;(
4,56:
+,7,5+0,5;,
+,
3(:
,30;,:e
9,*0:(4,5;,
7698<,
,3
46=0f
 - $q)
- +- .$q)
- !*-( 
40,5;6
(5()(7;0:;(
,5
36:
(K:,:
(16:
*(9,*K(
+,
<5
30+,9(A.6
*K=0*6

8<,
36
4(5;<=0,9(
,4)90+(+6b
+,:(99633P
<5
76;,5*0(3
9(+0*(3
8<,
56

0)(
(
,5*65;9(9
,5
505.T5
6;96
:0;06e
3
4,5:(1,
(76*(3K7;0*6
+,
,3*/069
6-4(55
;<=6
7<,:
.9(5
,*6

,5;9,
36:
(9;,:(56:
5,,93(5+,:,:e
0:0;P
90:0(
690,5;(3b
9,)(<;0A(5+6

(+<3;6:
,5
4+,5
@
6;96:
3<.(9,:
,5
‘
Œe
,:
7,+K(
8<,
:,
r:,7(9(9(5

+,3
4<5+6s
4,+0(5;,
,3
r(<;H5;0*6
:0.56
+,
36:
*647964,;0+6:s
x,3

9,)(<;0A6y
(
-05
+,
,:;(9
,5;9,
36:
8<,
:,
:(3=(9K(5
,5
,3
05405,5;,
(76f
*(307:0:e
56
+,
:<:
+0:*K7<36:b
(5
632,9;:A665b
-()90*(5;,
+,
A<,*6:

,5
695b
9,.9,:P
(
4:;,9+(4e
5;,
3(:
5(90*,:
+,
3(:
(<;690+(+,:b

9,)(<;0A()(
(
8<0,5,:
7,9:<(+K(
+,
r9,5<5*0(9
(3
4<5+6
@
3(
*(95,b

(-,99(9:,
(
06:
@
(4(9
(
:<:
:,4,1(5;,:se
<,
-05(34,5;,
,1,*<;(+6
,5

(
(@(
,5
+0*0,4)9,
+,
 ‘  
1<5;6
*65
6;96:
/,9,1,:e
6546*065(f
+6b
,3*/069
6-4(55
69+,5P
8<,
*,:(9(
,3
9,)(<;0A6
/(:;(
8<,b
*646

,:7,9()(b
;<=0,9(
3<.(9
,3
(76*(307:0:
,5
‘

e
(5
(;;/01:A665b
<5
7(5(+,96
+,
((93,4
8<,
/()K(
:0+6
9,)(<;0f
A(+6
769
6-4(55b
56
:0.<0P
:<
*65:,16e
,
*65=,5*0P
(
:K
40:46
@
(

:<:
*63,.(:
4,3*/0690;(:
+,
4:;,9+(4
+,
8<,
,9(
,3
=,9+(+,96
56*b

,3
796-,;(
(76*(3K7;0*6b
9,)(<;0AP
(
8<0,5,:
(*<+0,965
(
H3
,3
+K(
+,
6f
+6:
36:
(5;6:
+,
‘


@
+,1P
(
:<
7904,9(
4<1,9
xr.9<N65(sy
769
6;9(e


*65;05<(*0P5
,5=0P
(
:<:
:,.<0+69,:
769
7(9,1(:
7(9(
796*3(4(9
3(

33,.(+(
+,3
(76*(307:0:e
 6:
+,
,:6:
(7P:;63,:b
,990;
6,*2)05+,9

x,990;
;695
36:;,9y
@
(5
=(5
,@+,5
x 6/(55
6*2,3:65yb
(;9(=,:(f
965
,3
<0+,9
,,
/(:;(
U5:;,9b
3(
*0<+(+
,70:*67(3
(3
,:;,
+,
36:
(Kf
:,:
(16:
8<,
(*()()(
+,
+,*3(9(9:,
796;,:;(5;,e
 3
33,.(9
(33K
,5
,5,96

+,
‘
:,
79,:,5;(965
*646
56*
@
30(:
@
3(
796*3(4(965
*646
3(

5<,=(
,9<:(3H5e
(;;/01:A665
:,
3,:
<50P
<5
4,:
+,:7<H:
1<5;6
*65

6;96:
(5()(7;0:;(:
5,,93(5+,:,:b
;9(:
36
*<(3
:,
796+<16
<5
r.9(5
H?6f
+6sd
,5;9,
eŒŒŒ
@
’eŒŒŒ
*9,@,5;,:
:,
<50,965
7(9(
:(309
+,
r.07;6se

,05;0:0,;,
)(9*6:
*65
(39,+,+69
+,
eŒŒŒ
7,9:65(:
(
)69+6
+,1(965

6550*2,5+(4
@
33,.(965
(3
9K6
>(9;,
(;,9
*,9*(
+,
,5,4<0+,5

x=,901:,,3yb
+65+,
4<*/6:
+,
,336:
-<,965
7965;6
*(7;<9(+6:
@
+,f
:(94(+6:e
05.<56
:,
9,:0:;K(
7698<,
,:7,9()(5
8<,
,9,4K(:
36:
33,f
=(9(
(
3(
;0,99(
+,
(5(C5e
5
U5:;,9
(;;/01:A665
9,)(<;0AP
(
3(
4(f
@69K(
+,
3(
76)3(*0P5
*65
,3
:6:;H5
+,
,95+;
5077,9+63305*2b
<5

*64,9*0(5;,
+,
967(
8<,
,9(
<56
+,
36:
+6:
5<,=6:
)<9.64(,:;9,:
,3,f
.0+6:
769
,3
65:,16
(5()(7;0:;(
+,
3(
*0<+(+
,3
ŽŽ
+,
-,)9,96
+,
‘e
33K
*64,5AP
<5(
9,-694(
*646
505.<5(
6;9(e
6:
465(:;,906:
,

0.3,:0(:
-<,965
:(8<,(+6:
@
3(:
04C.,5,:
+,:;9<0+(:e
(16
3(
79,:0P5
+,
 '
 ./-0$*)

'
-$./$)
<5
(:,+06
69.(50A(+6
769
,3
*65+,f6)0:76
9(5A
=65
(3+,*2
@
36:

79K5*07,:
+,
,:;-(30(b
3<;,9(56:
@
*(;P30*6:
8<,
:,
5,.()(5
(
:,9
9,f
)(<;0A(+6:
-<,965
,?7<3:(+6:
+,
3(
*0<+(+g
<:
79670,+(+,:
-<,965

7<,:;(:
(
3(
=,5;(
,5
(34(*,5,:
4<50*07(3,:b
@
3(
73(;(
-<5+0+(
7(9(

/(*,9
465,+(:
(*<N(+(:
*65
3(
3,@,5+(d
r3
=,9)6
+,
06:
:,
/0A6
*(9f
5,
@
/()0;(
,5;9,
56:6;96:se

36:
/()0;(5;,:
:,
3,:
05+<16
(
33(4(9:,

,5;9,
:K
r/,94(56s
@
r/,94(5(s
@
(
=0=09
,5
*64<50+(+
=05*<3(+6:

769
,3
(469e
,
+,*9,;P
3(
79670,+(+
*64T5
+,
36:
)0,5,:
@
:,
,:;()3,f
*0,965
:,9=0*06:
+,
;9()(16
+090.0+6:
7T)30*(4,5;,e
5
/,99,96
8<,

7<:6
,5
+<+(
3(
3,.(30+(+
+,
36:
796*,+040,5;6:
-<,
(7<N(3(+6
@
4<,9f
;6
769
(5
(;;/01:A665
,5
<5(
(:(4)3,(
+,3
65:,16
+,
3(
*0<+(+e
,:7<H:
+,
3(
(:*<(
+,
‘b
(5
6*2,3:65
*6990P
+,:5<+6
769

;6+(
3(
*0<+(+
@
*(@P
,5
<5
H?;(:0:
:03,5*06:6e
<(5+6
3,
=63=0P
,3
/(f
)3(
;9,:
+K(:
+,:7<H:b
7967<:6
8<,
.6),95(9(
3(
*0<+(+
<5
5<,=6
:(5,f
+9K5
*647<,:;6
769
Ž
(5*0(56:
(76:;P30*6:e
5
,3
*P+0.6
3,.(3
8<,
:,

(796)P
,5
(.6:;6b
6*2,3:65
7967<:6
,3
4(;9046506b
763K.(46
:0f
.<0,5+6
,3
79,*,7;6
)K)30*6
+,
r*9,*,+
@
4<3;0730*(6:se
(
7967<,:;(

56
-<,
054,+0(;(4,5;,
(*,7;(+(
769
36:
(5*0(56:
@
:636
:,
*65=09;0P
,5

3,@
+,:7<H:
+,
<5
3,=(5;(40,5;6e
5
:,7;0,4)9,
6*2,3:65
-<,
796*3(f
4(+6
r796-,;(f9,@
+,
0P5se
(:
*(33,:
@
7<,9;(:
+,
3(
*0<+(+
-<,965

9,)(<;0A(+(:
*646
*,3,)9(*0P5
+,
3(
<,=(
,9<:(3H5e
6:
+6405.6:
@

+K(:
-,:;0=6:
-<,965
()630+6:
@
36:
+K(:
+,
3(
:,4(5(
9,)(<;0A(+6:
(3-(f
)H;0*(4,5;,e
0=(9(b
3(
4<1,9
7905*07(3
+,
6*2,3:65b
-<,
796*3(4(+(

9,05(
@
4(5;,5K(
<5(
*69;,
1<5;6
(
H3
,5
3(
73(A(
+,3
4,9*(+6b
8<,
-<,

+65+,
:,
05:;(3P
,3
;9656
+,
3(
<,=(
,9<:(3H5e
,
,5=0(965
-633,;6:
+,

*65;9()(5+6
(
6;96:
3<.(9,:
7(9(
-64,5;(9
36:
3,=(5;(40,5;6:e
5

4:;,9+(4
65*,
*699,+69,:
+,:5<+6:
x)2*--.#01y
9,*6990,965
3(:

*(33,:
+,
3(
*0<+(+
7(9(
796*3(4(9
3(
r=,9+(+
+,:5<+(s
+,
36
8<,
,:;(f
)(
:<*,+0,5+6
,5
U5:;,9e
3
(:,+06
+<9P
+0,*0:0,;,
4,:,:
/(:;(
8<,
3(

*0<+(+
*(70;<3P
,3
Ž
+,
1<506
+,
‘

‘e
,
3,:
7964,;0P
(
36:
(5()(7;0:f
;(:
05+<3.,5*0(
7,96
:<:
3K+,9,:
-<,965
,1,*<;(+6:e
(5
6*2,3:65
x=(5

,@+,5y
-<,
,5*65;9(+6
6*<3;6
,5
<5
:P;(56e
<9(5;,
=(906:
4,:,:
:,

3,
7(:,P
,5
/(9(76:
769
;6+(
3,4(50(
*646
6)1,;6
+,
*<906:0+(+
(5f
;,:
+,
:,9
;69;<9(+6
,5
7T)30*6
*65
/0,996:
(3
9616
,3
ŽŽ
+,
,5,96
+,

‘’b
1<5;6
(
5077,9+63305*2
@
,95+
9,*/;05.b
@
:<:
*<,976:
-<,f
965
:<:7,5+0+6:
+,
3(
;699,
+,
3(
0.3,:0(
+,
(5
C4 ) ,36
,5
1(<3(:
8<,

7,94(5,*,5
(33K
;6+(=K(e
6:
4,3*/0690;(:
,9(5
*646
36:
/<H9-(56:
()(5+65(+6:
+,
3(
,f
-694(e
6:
*(;P30*6:
<;030A(965
U5:;,9
*646
:K4)636
+,
8<,
3(
,f
 - $q)
- +- .$q)
- !*-( 
-694(
,9(
6)9(
+,3
+0()36e
 3
796;,:;(5;0:46
4(.0:;,90(3
36
+,:(796)P

,5
*(+(
6769;<50+(+
8<,
;<=6e
5
3(
/0:;6906.9(-K(
(5()(7;0:;(
36:

4,3*/0690;(:
/(5
:0+6
79,:,5;(+6:
*646
<5(
9(4(
03,.K;04(
56
9,79,f
:,5;(;0=(b
7,96
36
*0,9;6
,:
8<,
,3
4,3*/0690:46
56
-<,
;6;(34,5;,
,?f
;,9405(+6
,5
U5:;,9b
:056
8<,
:6)9,=0=0P
*0,9;6
;0,476
,5;9,
3(
:,*;(

8<,
9,*656*K(
*646
5<,=6
(=0+
(
(5
=(5
(;,5)<9.b
/016
)(:;(9+6

+,
<5
56)3,
4,569
+,
U,3+9,:e
6:
)(;,5)<9.<,:,:
*9,K(5
8<,
,3
9,0f
56
+,
06:
:,
,:;()3,*,9K(
4,+0(5;,
3(
(**0P5
(94(+(
@
7,5:()(5
8<,

3(
7630.(40(
,9(
3,.K;04(e
,3*/069
6-4(55
:0.<0P
+0:;90)<@,5+6
-6f
33,;6:
+,:+,
:<
*,3+(
,5
:;9(:)<9.6b
*(5;(5+6
r4(3+0;6:
:,C0:b
,:*90)(:

047K6:
+,
:;9(:)<9.6se
5;9,
36:
(;9(7(+6:
,5
36:
(*65;,*040,5;6:
+,

U5:;,9
,:;()(
,556
0465:b
<5
:(*,9+6;,
+,
0;4(9:<4e
65=,5f
*0+6
+,
8<,
56
/()K(
1<:;0-0*(*0P5
)K)30*(
7(9(
,3
)(<;0:46
+,
36:
50N6:b

0465:
79,+0*()(
*65;9(
36:
r-(3:6:
4(,:;96:s
8<,
r;9(-0*(5
*65
,?;9(f
N(:
+6*;905(:s
@
<:<97(5
,3
7(7,3
+,
90:;6
,@e
(16
:<
05-3<,5*0(
,3

(5()(7;0:46
5,,93(5+H:
:,
690,5;P
/(*0(
3(
r9,:<99,**0P5
,:7090;<(3s

:6)9,
3(
8<,
,:*90)0P
*65
,36*<,5*0(b
<5
5<,=6
5(*040,5;6
8<,
33,.(

*<(5+6
<56
9,5(*,
,5
3(
-(4030(
+,
06:e
3
H5-(:0:
8<,
765K(
,5
3(
-(f
4030(
@
,5
3(
3<*/(
,:7090;<(3
;<=6
,-,*;6
:6)9,
6;9(:
*65.9,.(*065,:

:,7(9(;0:;(:
5,,93(5+,:(:b
,5
7(9;0*<3(9
(=0+
690:
@
,5+902
0*3(,:b

*<@(
r-(4030(
+,3
(469s
33,.P
,5
,3
:0.36
?=0
/(:;(
3<.(9,:
0504(.05(f
)3,:b
05*3<0+(:
7,8<,N(:
*0<+(+,:
05.3,:(:
@
3(
*69;,
+,
:(),3
e
3
3,f
=(5;(40,5;6
+,
U5:;,9
-<,
<5
9,*69+(;6906
+,
36
8<,
3(
,-694(
796f
;,:;(5;,
/()K(
(.0;(+6
7,96
56
(:,5;(+6d
3(:
-<,5;,:
@
.(9(5;K(:
+,

69+,5
;,63P.0*6b
:6*0(3
@
763K;0*6
@
,3
73(5
+,
06:
7(9(
,3
4<5+6e

  

5
<967(
*,5;9(3
@
690,5;(3
3(
,-694(
796;,:;(5;,
-<,
04769;(+(b

+,7,5+0,5+6
7(9(
:<
H?0;6
+,
*09*<5:;(5*0(:
79670*0(:b
,5
7(9;0*<3(9
+,

:<
(+(7;(*0P5
(3
4,+06
305.UK:;0*6
@
*<3;<9(3b
+,3
(76@6
36*(3
@
+,3
9,f
:<3;(+6
-69;<0;6
+,
36:
*65-30*;6:
8<,
:<:*0;()(e
6:
.<(9+0(5,:
+,
3(

;9(+0*0P5
@
3(
3,.0;040+(+
-<,965
+,*0:0=6:
7(9(
,3
H?0;6
6
56
+,
36:

7967(.(+69,:
+,
3(
5<,=(
-,e
()0,5+6
36
8<,
0)(
(
:<*,+,9
+,:7<H:

x<5(
9,:<99,**0P5
*(;P30*(
@
3(
<,99(
+,
36:
9,05;(
N6:yb
,:
-C*03

0.569(9
,3
/,*/6
+,
8<,
/<)6
04769;(5;,:
9,.065,:
x,3
569;,
+,
6/,f
40(b
69(=0(b
03,:0(b
<:(*0(b
,3
30;69(3
)C3;0*6b
7(9;,:
+,
3(
9(5
6f
 '
 ./-0$q)

'
-$./$)
3650(b
,3
569;,
@
,3
,:;,
+,
<5.9K(y
+65+,
3(
.3,:0(
(;P30*(
8<,+P

9,+<*0+(
(
<5(
40569K(
0567,9(5;,e
(
4(@69
0.3,:0(
796;,:;(5;,
*65:f
;9<0+(
,5
,3
:0.36
?=0
-<,
3(
+,
(5;(
(9K(
,-3
(5A0.b
<5
,5694,
.9(f
5,96
+,
3(+90336b
1<5;6
(3
*<(3
3(
465(98<K(
763(*(
:,
=06
6)30.(+(
(

,90.09
<5(
7,8<,N(
*(7033(
*(;P30*(
7(9(
;,5,9
<5
3<.(9
+65+,
*,3,)9(9

<5(
*,9,4650(
9,30.06:(
*<(5+6
=0:0;()(
,3
7<,9;6e
3
796;,:;(5;0:46
*<,:;065()(
56
:636
3(
.3,:0(
(;P30*(b
:056

;(4)0H5
3(
(<;690+(+
9,(3e
(:
465(98<K(:
,3,*;0=(:
+,
<967(
690,5;(3

:,
(-,99()(5
7905*07(34,5;,
(
3(
=0,1(
9,30.0P5b
(:6*0C5+63(
*65
3(:
;9(f
+0*065,:
@
40;636.K(:
8<,
96+,()(5
:<
+640506e
636
36:
=60=6+(:

x,:;6
,:b
36:
.6),95(5;,:
7(3(;056:y
+,
9(5:03=(50(b
<5
5<,=6
+640506

8<,
,4,9.0P
;9(:
3(
)(;(33(
+,
6/C*:b
(+67;(965
3(
9,30.0P5
796;,:;(5f
;,e
3
;9656
763(*6b
,5
*(4)06b
-<,
+6:
=,*,:
6*<7(+6
769
9,@,:
8<,

/()K(5
(*,7;(+6
,3
796;,:;(5;0:46
(5;,:
+,
:,9
,3,.0+6:d
,5
‘“’
769

:;=C5
z;,-(5{
C;/69@b
:<*,:69
+,
(5
C763@(
,5
9(5:03=(50(b
@
,5

‘”“
769
,.0:4<5+6

(:(b
;(4)0H5
9,@
+,
<,*0(
+,:+,
‘•e
(:
465(98<K(:
,3,*;0=(:
+,7,5+K(5
7(9(
:<
(<;690+(+
+,
3(:
(:(4f
)3,(:
36*(3,:
+,
,:;(4,5;6:e
5
6/,40(
@
36:
;,990;6906:
(:6*0(+6:
(

:<
*6965(
x69(=0(b
03,:0(
@
<:(*0(yb
,5
63650(b
<5.9K(
@
,5
38:

(9*/0+<*(+6:
(<:;9K(*6:b
,3
76+,9
,:;()(
,5
4(56:
+,
3(
56)3,A(e
3

9,:<3;(+6
-<,
<5(
.3,:0(
7(9*0(34,5;,
*(:;9(+(
@
3(
;,5+,5*0(
(
*65*,f
+,9
3(
(<;6+,;,9405(*0P5
9,30.06:(
(
50=,3
36*(3
@
(*,7;(9
3(
9,(30+(+

+,3
73<9(30:46
9,:<3;(5;,
*646
.(9(5;K(
+,
36:
790=03,.06:
+,
36:
56f
)3,:e
5
63650(
,3
9,@
,.0:4<5+6

<.<:;6
*,+0P
*<(3,:8<0,9(
8<,

7<+0,9(5
/(),9
:0+6
:<:
05*305(*065,:
7,9:65(3,:
(
3(
5,*,:0+(+
+,

4(5;,5,9
<5(
,5;,5;,
*65
,3
,14e
5
+,*9,;6
+,
‘
‘
‘
@
5<,=(:
+,*0f
:065,:
,5
‘’Žf‘’
+,)030;(965
36:
;90)<5(3,:
,*3,:0C:;0*6:e
5
‘’•b

*<(5+6
36:
796;,:;(5;,:
*(:0
0.<(3()(5
(
36:
*(;P30*6:
,5
,3
,5(+6

763(*6b
/<)6
8<,
33,.(9
(
<5
;9(;6e
5
,5,96
+,
‘“
:,
(*69+P
,5
3(

65-,+,9(*0P5
+,
(9:6=0(
x-094(+(
769
9,79,:,5;(5;,:
*(;P30*6:b

796;,:;(5;,:
@
69;6+6?6:y
3(
7(A
,5;9,
3(:
+0:;05;(:
9,30.065,:e
<:
;H9f
4056:
-<,965
*65-094(+6:
769
5908<,
+,
(360:
;9(:
:<
,3,**0P5
(3

;9656
763(*6
,5
‘“b
@
3<,.6
769
:<:
:<*,:69,:b
*65=09;0H5+6:,
(:K

79C*;0*(4,5;,
,5
<5(
3,@
-<5+(4,5;(3e
5
6/,40(
,3
,1H9*0;6
9,(3
@
3(
(<;690+(+
-05(5*0,9(
+,7,5+K(5

;(4)0H5
+,3
(*<,9+6
*65
3(
0,;(e
(
,5;9(+(
,5
=0.69
€,
3(:
3,@,:
9,f
8<,9K(
:<
(796)(*0P5
@
;(5;6
,3
;90)<5(3
:<79,46
*646
,3
.6)0,956

,:;()(5
*647<,:;6:
769
9,79,:,5;(5;,:
+,
3(
56)3,A(e
:;(
T3;04(
:,

(79670P
+,
.9(5
7(9;,
+,
3(
908<,A(
+,3
*3,96
@
+,
3(
(<;690+(+
7(9(
 - $q)
- +- .$q)
- !*-( 
564)9(9
36:
*(9.6:
,*3,:0C:;0*6:
36*(3,:e
0
564)9()(
4050:;96:
796f
;,:;(5;,:b
5(+0,
76+K(
047,+K9:,36e
5
69(=0(
3(
0,;(b
,3
;90)<5(3
:<f
79,46
@
,3
-<5*065(90(+6
36*(3
,:;()(5
;6+6:
,336:
,5
4(56:
+,
3(
56f
)3,A(
36*(3b
8<,
56
;<=6
+0-0*<3;(+
,5
9,:0:;09:,
(
36:
05;,5;6:
+,3
9,@

,95(5+6

+,
9,:;(<9(9
,3
*(;630*0:46e
<,
,3
.6),95(+69
+,
69(=0(b

,5*,:3(<:
<+(50*b
8<0,5
+,-,5+0Pb
,5
3(
0,;(
+,
9U55
+,
 ‘
‘Œb
3(:

,5:,N(5A(:
,=(5.H30*(:
@
9,*69+P
(3
9,@
,3
1<9(4,5;6
+,
:<
*6965(f
*0P5e
9,5;,
(
<5
=6;6
4(@690;(906
*65;9(
H3b
,95(5+6
(*,7;P
<5
73<f
9(30:46
9,30.06:6
5,.6*0(+6
8<,
*65=09;0P
69(=0(
,5
<5
(=(;(9
+,
3(

(A
+,
<.:)<9.6
,5
,3
(*96
47,906
64(56e
3
796;,:;(5;0:46
796:7,9P
(:K
,5
<967(
*,5;9(3
@
690,5;(3
(33K

+65+,
=,5*0P
(
3(
56)3,A(
36*(3e„
<,
,5
:<:
;0,99(:
@
)(16
:<
05-3<,5*0(

*646
4,+9Pb
,5
7(9;0*<3(9
,5
3(:
+0,;(:
@
*65
,3
7(;965(A.6
+,3
79K5*0f
7,
0*63C:

(+A0>033b
=60=6+(
+,
0=650(b
9(5
;(4C5
+,
0;<(f

50(
,
05;96+<*;69
+,3
*(3=050:46
,5
63650(e
369,*0P
4C:
46+,:;(f
4,5;,
)(16
3(
05-3<,5*0(
+,
4(.5(;,:
*646
,3
*65+,
;,-C5
*/302
@

40,4)96:
+,
:<
-(4030(b
8<,
/()K(5
-<5+(+6
3(
405(
+,
73(;(
+,
6(f

*/04:;/(3
@
;,5K(5
/(*0,5+(:
,5
3(
9,.0P5
,5
;6956
(
62,;
,5
3(
6/,f
40(
6**0+,5;(3e
6:
*/302
*9,(965
,:*<,3(:
796;,:;(5;,:
@
,473,(965
(

4050:;96:
3<;,9(56:e
33Kb
*646
,5
6;96:
3<.(9,:b
,3
796;,:;(5;0:46
0)(

+,
3(
4(56
*65
3(
;H*50*(
(3,4(5(
04769;(+(
7(9(
3(
4(5<-(*;<9(
+,3

=0+906b
,3
3056
@
36:
;,?;03,:e
(
04769;(*0P5
:,
7<,+,
*(30)9(9
769
36:
,:-<,9A6:
,5
05;96+<*09

)0)30(:
,5
3,5.<(
=,95C*<3(b
(3.6
-<5+(4,5;(3
7(9(
,3
H?0;6
+,3
7967Pf
:0;6
796;,:;(5;,
@
8<,
:,
=,K(
,5
+0-0*<3;(+,:
769
3(
+0=,9:0+(+
305.UK:f
;0*(
+,
(8<,33(:
9,.065,:
@
769
,3
/,*/6
+,
8<,
4<*/(:
+,
3(:
3,5.<(:

,5
*<,:;0P5
;,5K(5
-694(:
,:*90;(:
76*6
,:;()3,:
@
3(:
,:3(=(:
=(906:
(3f
-(),;6:e
(
*64,9*0(30A(*0P5
+,
3(
796+<**0P5
+,
30)96:
x8<,
(:,.<9P

:<
H?0;6
,5
<967(
6**0+,5;(3y
,9(
4C:
+0-K*03
,5
,3
,:;,
769
,3
7,8<,N6

;(4(N6
+,3
4,9*(+6
7(9(
*(+(
;9(+<**0P5
@
,3
:<)+,:(996336
+,
3(
05f
-9(,:;9<*;<9(
+,
0479,5;(
@
+0:;90)<*0P5e
(
796+<**0P5
+,7,5+K(
;(5f
;6
4C:b
769
;(5;6b
+,3
7(;96*0506
(90:;6*9C;0*6b
3(
*63()69(*0P5
+,
36:

*3H90.6:
@
3(
+0:7650)030+(+
+,
;9(+<**065,:
=,95C*<3(:e
5
(3.<56:
3<f
.(9,:
,:6
56
/()K(
:<*,+0+6
;6+(=K(
,5
’‘Œe
6
/<)6
505.<5(
;9(f
+<**0P5
+,
3(
0)30(
(3
4(*,+6506
6
(3
)T3.(96
/(:;(
,3
:0.36
? 0? b
505f
.<5(
0)30(
,5
,:;6506
/(:;(
“•b
@
(
7904,9(
;9(+<**0P5
(3
3,;P5

(7(9,*0P
,5
’”•e
3
7904,9
<,=6
,:;(4,5;6
,5
-05H:
(7(9,*0P
,5

‘‘b
7,96
56
/<)6
<5(
0)30(
*6473,;(
/(:;(
’Že
9(
56;()3,~€~

*65;9(:;,b
,3
36.96
+,
9046A
9()(9b
,3
9,-694(+69
796;,:;(5;,
 '
 ./-0$q)

'
-$./$)
5063(e
9()(1(5+6
,5
,3
,?0306b
796+<16
36:
+6:
7904,96:
30)96:
0479,f
:6:
,5
,:36=,56b
<5
*(;,*0:46
796;,:;(5;,
@
<5
4(5<(3
7(9(
(79,5+,9
(

3,,9b
(5;,:
+,
,479,5+,9
<5(
;9(+<**0P5
*6N073,;(
+,3
<,=6
,:;(f
4,5;6e
(),
:0;<(936
1<5;6
(3
+,
5;650<:
(34(;(
x5;<5
(34(;05y

8<0,5
1<5;6
*65
;1,7(5
65A<3
*6473,;P
3(
7904,9(
;9(+<**0P5
,
04f
79,:0P5
,5
<)05.(
x,5
*(9(*;,9,:
.3(.63K;0*6:y
+,3
<,=6
,:;(4,5;6

,5
*96(;(
,5
‘’Že
636
,5
6/,40(
-<,
(3.6
4C:
-C*03
,:(
;(9,(b
@(

8<,b
(
+0-,9,5*0(
+,
6;96:
3<.(9,:
+,
<967(
690,5;(3
@
*,5;9(3b
,?0:;K(5

@(
(5;,:
+,
3(
,-694(
<5(
0)30(
=,95C*<3(
x/<:0;(
y
@
<5(
69.(50A(f
*0P5
,*3,:0(3
*(7(A
+,
796769*065(9
5<,=(:
;9(+<**065,:e
<)6
+6:

7(9*0(3,:
(5;,:
+,3
<,=6
,:;(4,5;6
*6473,;6
,5
*/,*6
+,
(5

3(/6:3(=b
8<,
*64,5AP
(
(7(9,*,9
,5
‘’
@
(
:<
+,)0+6
;0,476
:,

*65=09;0P
,5
7(9;,
+,
3(
0)30(
+,
9(30*,
x‘“•yb
-05(5*0(+(
@
*669+0f
5(+(
769
3(
50+(+
+,
36:
,94(56:
/,*6:e
5
<967(
*,5;9(3
@
690,5;(3
,3
796;,:;(5;0:46
:,
+0-<5+0P
769
3(:

=K(:
+,
3(
*<3;<9(
.,94C50*(e
(:
*64<50+(+,:
+,
*64,9*0(N;,:
(3,4(f
5,:
+6405()(5
3(:
*0<+(+,:
/(5:,C;0*(:
+,3
30;69(3
)C3;0*6e
()K(
405,f
96:
(3,4(5,:
;9()(1(5+6
,5
6/,40(
@
<5.9K(
@
36:
56)3,:
:(165,:

;,5K(5
/(*0,5+(:
,
05;,9,:,:
,5
3(
6/,40(
5696**0+,5;(3e
,+0(5;,

:<:
,:-<,9A6:
:,
*9,(965
*,5;96:
+,
,5:,N(5A(
:,*<5+(90(
796;,:;(5;,:b

69.<336
+,
*0<+(+,:
*646
3)05.
@
6(*/04:;/(3e
,96
,3
796;,:;(5;0:f
46
;(4)0H5
:,
05-03;9P
05+09,*;(4,5;,b
769
4,+06
+,3
*65;(*;6
4,9f
*(5;03
@
(
;9(=H:
+,
,:;<+0(5;,:
+,
<967(
690,5;(3
8<,
,:;<+0()(5
,5

0;;,5),9.
x,5
‘Œ
/()K(
(33K
””
796*,+,5;,:
+,
6/,40(y
@
*(+(
=,A

4C:b
+,:+,
‘
‘Œb
,5
3(:
(*(+,40(:
*(3=050:;(:
,5
3,4(50(e
()K(
;(4f
)0H5
*64<50+(+,:
+,
690.,5
(3,4C5
,5
<967(
*,5;9(3
@
690,5;(3
*<@(:

(-050+(+,:
*65
,:(
*<3;<9(
+,90=()(5
+,3
3<;,9(50:46e
<)0*(b
<5(
7,f
8<,N(
76)3(*0P5
*63650A(+(
769
:(165,:
,5
,3
:0.36
? 4 b
,:;C
:0;<(+(
(

3(
:64)9(
+,
36:
65;,:
C97(;6:
,5
,3
+0:;90;6
+,
,A4(962
x569;,
+,

:36=(8<0(ye
<
7C996*6
/64(:
9,0:5,9
3,@P
(33K
+,:+,
,3
7<370;6b
,5

 ‘ Ž  b
3(:
-4#,2
7
!',!-
2#1'1
+,
<;,96e
6:
(*65;,*040,5;6:
+,
3(
,f
-694(
,9(5
:,.<0+6:
+,
*,9*(
,5
3(:
*0<+(+,:
405,9(:
+,
05-3<,5*0(

(3,4(5(
+,
36
8<,
(/69(
,:
,3
569;,
+,
:36=(8<0(
x(5:2C
;0(=50*(b

9,450*(b
(5:2C
@:;90*(ye
:(
05-3<,5*0(
56
:,
+,:(99633P
*65=09f
;0H5+6:,
,5
<5(
69.(50A(*0P5
,*3,:0(3
*6473,1(
4C:
(33C
+,3
50=,3
36*(3b

(<58<,
(
7905*0706:
+,
3(
+H*(+(
+,
‘Œ
:<9.0,965
69+,01(5A(:b
:,9f
=0*06:
@
<5(
*65-,:0P5
,5
3(:
*0<+(+,:
/(5:,C;0*(:
+,3
C3;0*6b
@
4C:

;(9+,
,5
6/,40(b
<5.9K(
@
63650(
(
4,+0+(
8<,
3(:
+0-,9,5*0(:

*65-,:065(3,:
0)(5
+,1(5+6
:<
4(9*(e
  '
 ./-0$q)

'
-$./$)
- $q)
- +- .$q)
- !*-( 

9,-694(
/()K(
;,50+6
3<.(9
+<9(5;,
,3
:0.36
(5;,9069e
,5K(
@(
<5(
5<,f
(
.,5;,
:,
(305,()(
9,30.06:(4,5;,
+,
(*<,9+6
* 6 5
:<
(*;0;<+
/(f
=(
+6*;905(
9,30.06:(
x3(
+,
(5
<:y
r<;9(8<0:;(s
c!-++3,'-
13
320V
*0(
3(
*<3;<9(
(3,4(5(b
36
8<,
3040;()(
3(
+0-<:0P5
+ , 3
796;,:;(5;0:46e

/3#
1.#!'#b
,5
(4)(:
,:7,*0,:b
7(5
@
=056y€
0.3,:0(:
05+,7,5+0,5;,:
+,3

(.0(9,:b
,:3(=6:b
*96(;(:b
,:36=,56:
@
763(*6:
:,
+0:6*0()(5
+,
,33(e

7(7(+6
@
,3
76;,5*0(3
7(9(
<5
*(4)06
9(+0*(3
,5;9,
3(:
:,*;(:
;()690;(:

6:
1<+K6:
409()(5
(3
1<+(0:46
,5
)<:*(
+,
:<
0+ ,5;0+ (+ b
36:
9<;,56:
(3

*65
:<
;,636.K(
:6*0(3e
5
 ‘ŽŒb
56
6):;(5;,b
,3
9(+0*(30:46
;()690;(
,9(

*90:;0(50:46
69;6+6?6
@
36:
;C9;(96:
(3
0:3(4e
 33K
+ 6 5 + ,
3(
,-694(
:,

<5(
-<,9A(
(.6;(+(b
*(5(30A(+(
/(*0(
3(
50+(+
+,
36:
,94(56:
/,f
(305,()(
*65
0+,5;0+(+,:
(<;P*;65(:b
36
/(*K(
,5
:<:
-6 94 ( :
+0:0+,5;,:b

*6:b
8<,
9,*/(A()(5
3(
=063,5*0(
@
:,
*65*,5;9()(5
769
,3
*65;9(906
,5

;(5;6
7698<,
36:
+0:0+,5;,:
796;,:;(5;,:
:63K(5
05 *305 (9:,
/(*0(
,3
,?f
3(
3<*/(
,:7090;<(3
05;,95(e
<58<,
;,5K(5
6)0:76:
@
79,:)K;,96:b
36:

;9,40:46b
*646
7698<,
:,
0+,5;0-0*()(5
*65
796;,:;(5;0:4 6:
+0:;05;6:

,94(56:
,9(5b
*646
:<
564)9,
:<.0,9,b
<5
.9<76
+,
*65.9,.(*06f
+,3
3<;,9(56
(3,4C5e
:Kb
,5
<5.9K(
/<)6
<5(
:0.5 0-0*(;0=(
79,:,5*0(

5,:
,5
3(:
8<,
79,+6405()(
,3
3(0*(+6e
(
.3,:0(
<;9(8<0:;(
:,
(-0(5AP

(5()(7;0:;(b
(:K
*646
<5
=0.696:6
*(3=050:46e
 9(5 :03=(5 0(
:,
0)(
(

*646
69+,5
*3,90*(3
,:;()3,*0+6b
79<+,5;,
/(:;(
,3
,?;9,46
*65
9,:7,*f
*65=,9;09
,5
<5
7(K:
*(3=050:;(
(
-05(3,:
+,3
:0.36
?=0e
;6
(3
3<;,9(50:46e
636
<5(
40569K(
+,5;96
+,
3(
.3,:0(
<;9(8<0:;(
,:;(f
(4)0H5
,5
63650(
-<,
,3
*(3=050:46
3(
-694(
+ ,
796;,:;(5;0:46

)(
()0,9;(
(3
796;,:;(5;0:46e
5;9,
36:
,94(56:
/,*6:b
56
6):;(5;,b

8<,
*65:,.<09K(
4(@69
0473(5;(*0P5b
,5
7(9;,
.9( *0(:
(
36:
,:-<,9A6:

:,
796+<16
<5
(*,9*(40,5;6
(3
796;,:;(5;0:46
3<;,9(56e
5
‘‘
:<

+,
(5
(:20
x <(5
+,
(:*6ye
9(
,3
T50*6
;,P36.6
796;,:;(5;,
763(*6

*9,+6
:,
/()K(
(796?04(+6
(
3(
65-,:0P5
+,
<.:)<9.6
@
,?;9(1,965

*65
*0,9;(
9,7<;(*0P5
05;,95(*065(3b
/()K(
7(:(+6
( 3. T 5
;0,476
,5
(f

-<,9A(:
+,
:<:
(-050+(+,:
*65
36:
3<;,9(56:
(3,4(5,:e
:03,(
@
4+,5
,5;9,
3(:
r0.3,:0(:
,?;9(51,9(:s
(5;,:
+ ,
*65=,9;09:,
,5

6:
+090.,5;,:
+,
3(
56)3,A(
,5
3(
0,;(
)6/,40(
;9(;(965
+,
*65f
‘‘Œf‘‘
,5
:<7,905;,5+,5;,
+,
3(:
*65.9,.(*065,:
,?;9(51,9(:
,5
65f
=,9;09
,:(:
(-050+(+,:
,5
<5
46=040,5;6
763K;0*6
,5
‘“e
3
9,@
,9f
+9,:b
+65+,
(796=,*/P
:<
05.,506
7(9(
(7(*0.<(9
8 < ,9,33(:
@
,:;9<*;<f
5(5+6
(796=,*/P
3(
6769;<50+(+
+,
<5
05*,5+06
,5
36:
(9*/0=6:
7(9(

9(9
*65:;0;<*065,:
@
*65-,:065,:
(3
:,9=0*06
+,
:<:
5,*,:0+(+,:e
9(:

9,,:*90)09
36:
;H94056:
:6)9,
36:
8<,
/()K(
:0+6
,3,.0+6b
05;96+<*0,5+6

()(5+65(9
,3
7(K:
,5
<5
)(9*6
+,
9,-<.0(+6:
(3
33,. (9
(3
;9656
(9K(

,3
7905*0706
/,9,+0;(906e
646
9,:7<,:;(
x79,*070;(+(b
@(
8<,
56
,:7,f
<+69b
:,
(76:,5;P
,5
9(5+,5)<9.6
(5;,:
+,
9,.9,:(9
(
:<
5(;0=(
6f
9(965
(
6);,5,9
,3
(76@6
+,
69(=0(b
<5.9K(
<
6;9(:
9,.065,:yb
+,f
3650(
,5
‘
‘’e
33K
7<:6
(
;9()(1(9
:<
;(3,5;6
,5
*() 03+ ,6:
+,
(3;6
50=,3

*3(9(965
:<
(76@6
(
<(5
,+,90*6

,3
(.5C5046b
,3,*;69
+,
(1695(b

x-<,
:,*9,;(906
+,3
9,@
,.0:4<5+6

<.<:;6yb
.(5C5+6:,
(
7(9;,
+,

@
3(
0.(
+,
:4(3*(3+(
+,5,.P
(
,95(5+6
3(
(@<+(
,5
/64)9,:b@
(9f
3(
)(1(
56)3,A(
763(*(
(3
*(3=050:46
@
<50,5+6
,5

‘“ Œ
(
3<;,9(56:b

4(:
8<,
,:;,
3,
7,+K(
7(9(
+,-,5+,9
3(
*(<:(
047,90(3b
(3AC5+6:,
769
,3

*(3=050:;(:
@
/,94(56:
)6/,406:
,?030(+6:
,5
<5
(*<,9+ 6
*64T5
,5

*65;9(906
,5
(94(:
*65;9(
H3e
(
+,996;(
+,
3(
0.(
,5
U/3),9.
,5

(5+640,9Ae
8<,3
-<,
<5
(*<,9+6
36.9(+6
*65;9(
36 :
(5;0f;9050;(906:

56=0,4)9,
+,
‘“
-<,
;(4)0H5
3(
+,
3(
56)3,A(
:<)3,=(+(
)6/,40(b
@

x,:;6
,:b
<50;(906:yb
<5(
-<,9A(
*65
3(
8<,
0)(
(
/(),9
8<,
*65;(9e
5

(:040:46
3(
+,
36:
,94(56:b
3(:
*0<+(+,:
@
36:
56;()3,:
3<;,9(56:b

63650(
:,
/()K(5
,:*05+0+6
+,
3(
)0:6N(
.3,:0(
*(3=050:;(
,5
‘‘’
@

8<,
7(.(965
769
,33(
<5
,3,=(+6
79,*06e
6:
,94(56:
;<=0,965
8<,

:,
/()K(5
,:;()3,*0+6
*646
r .3,:0(
4,569s
6
r ,94 (56:
63(*6:sb

,?030(9:,
x(3.<56:
+,
,336:
)<:*(965
9,-<.06
,5
69(=0(
@
6;96:
,5
,3

40,5;9(:
8<,
,5
9(5:03=(50(
,3
=60=6+(
<(5
,.0:4 <5+6
C763@(
56

:<9
+,
63650(yb
40,5;9(:
8<,
3(:
*0<+(+,:
7,9+0,965
:<
(<;6.6)0,956

6*<3;()(
:<:
:047(;K(:
769
36:
<50;(906:e
(<:;6
6AA050b
(
3(
(3;<9(
+,

@
36:
*65+,:
3<;,9(56:
-<,965
+,:76:,K+6:
+,
:<:
79670,+(+,:e
(
56f
(:20
*646
;,P36.6b
7(:P
,3
05=0,956
+,
‘“”f‘“•
, 5
3<1f(76*(

)3,A(
,5
.,5,9(3
-<,
7,9+65(+(
@
:<:
r30),9;(+,:
@
790=03,.06:s
9,:7,;(f
*646
05=0;(+6
7,9:65(3
+,
069.06
0(5+9(;(b
4H+0*6
+ ,
3(
*69;,
;9(5f

+6:b
(<58<,
,5
,3
#'!&1 1!&'#"
+,
3(
r0,;(
(*69(A(+(s
j%#&0,'1!&2#0

:03=(5(b
(5;,:
+,
;9(:3(+(9:,
(
63650(b
+65+,
:,
*65 =09;0P
,5
769;(=6A

#'!&12%j
+,
‘”
;<=6
8<,
(*,7;(9
8<,
r,3
790=03,.06
+,
3(:
;0,99(:

+,
36:
,94(56:
63(*6:b
;,40+6
769
:<:
*9K;0*6:
@
< 5 (
,:705(
,5
,3

*6:;(+6
+,3
796;,:;(5;0:46
*65-,:065(30A(+6e )6/,40(:
05*3<@,
,:;,
7905*0706b
8<,
,3
/016
4(@69
+,
*(;17
9,@
:,
*65f
(
,-694(
,5
<967(
*,5;9(3
@
690,5;(3
:,
(4 63+P
(
36:
7,9-03,:
=,9;09C
,5
9,@
+,
6/,40(
;9(:
3(
4<,9;,
+,
:<
7(+9,se
<967(
*,5;9(3
@

H;50*6:b
763K;0*6:
@
:6*0(3,:
,:;()3,*0+6:e
9(
(5H40*(b
56
;<=6
4C9;0f 690,5;(3
:,
0)(
(
(/699(9
,5
.9(5
4,+0+(
3(
05,:;()030+(+
763K;0*(
8<,

9,:
@
*(9,*K(
+,
-036
+0-,9,5*0(+69b
,?*,7;6
,5
6/,4 0(b
*<@(
79670( (;9(=,:P
<967(
6**0+,5;(3
+<9(5;,
3(
:,.<5+(
40;(+
+,3
:0.36
?=0b
 - $q)
- +- .$q)
- !*-( 
7,96
,:(
*3C<:<3(
8<,
:<765K(
,3
-05(3
+,
3(
465(98<K(
,3,*;0=(
,5
6f
/,40(
:,
0)(
(
*65=,9;09
+,
5<,=6
,5
6):,:0P5
+,
3(
56)3,A(
:,;,5;(

(N6:
+,:7<H:b
(3
*640,5A6
+,
3(
<,99(
+,
36:
9,05;(
N6:e
5
3(:
:3(:
90;C50*(:
3(
,-694(
;(4)0H5
-<,
,5
.9(5
4,+0+(
04f
769;(+(
+,:+,
,3
,?;9(51,96e

+0-,9,5*0(
+,
<967(
690,5;(3b
3(
A65(

,:;()(
+6405(+(
769
-<,9;,:
465(98<K(:d
36:
<+69
(3
:<9
+,
3(
-965;,f
9(
(5.36f,:*6*,:(
@
36:
:;<(9+6
9,*0,5;,4,5;,
9,-69A(+6:
(3
569;,e

:6
,54(:*(9(
,3
.9(+6
+,
3(
05-3<,5*0(
+,:+,
-<,9(b
@
56
:636
7698<,

3(
,-694(
*64,5AP
*65
<5
r*;6
+,
:;(+6sb
3(
r9(5
<,:;0P5s
+,3

+0=69*06
,5;9,
,3
9,@
5908<,

@
(;(305(
+,
9(.P5b
(3.6
8<,
;<=6

4<*/(:
*65:,*<,5*0(:
76:;,9069,:
@
8<,
33,.P
,5
,3
7,69
464,5;6
;(5f
;6
7(9(
3,4,5;,
 b
r,3
4C:
+,:.9(*0(+6
+,
36:
7(7(:sb
*646
7(9(
,3

,47,9(+69
(936:

x8<,
,9(
:6)9056
+,
(;(305(yb
8<,
.,:;065(965

4<@
;697,4,5;,
3(
*90:0:e
(
(<;690+(+
7(7(3
,5
5.3(;,99(
-<,
+,:f
4(5;,3(+(
769
4,+06:
3,.(3,:b
7036;(+6:
,5
,3
(93(4,5;6
05.3H:
769
,3

4050:;96
+,3
9,@
0364(:
964>,33e
(
,@
+,
,:;90**0P5
+,
7,3(f
*065,:
x8<,
()630P
,5
 ‘
3(
76:0)030+(+
+,
(7,3(9
(
64(y
+,*3(9()(

8<,
r769
4<@
+0=,9:(:
@
(<;H5;0*(:
/0:;690(:
@
*9P50*(:
(5;0.<(:
8<,+(

4(50-0,:;(4,5;,
zeee{
,?79,:(+6
8<,
,:;,
9,056
+,
5.3(;,99(
,:
<5
04f
7,906sb
36
8<,
765K(
(3
465(9*(
05.3H:
(3
40:46
50=,3
8<,
,3
,47,9(f
+69
(3,4C5b
*65
<5(
*6965(
047,90(3
x*,99(+(y
7(9(
+,46:;9(936e
+,f
4C:b
*65:0+,9()(
,:,
047,906
*646
<5
r*<,976
763K;0*6
zeee{
+0=0+0+6

,5
;H94056:
@
769
564)9,:
+,
,:7090;<(30+(+
@
;,4769(30+(+s
8<,
+,f
)K(5
(3
9,@
<5(
r6),+0,5*0(
5(;<9(3
@
/<403+,se
(
,@
+,
<79,4(*K(

x‘y
+,*3(9()(
(3
9,@
r769
3(
(<;690+(+
+,3
79,:,5;,
(93(4,5;6
zeee{

T50*(
*(),A(
:<79,4(
,5
3(
0,99(
+,
3(
.3,:0(
+,
5.3(;,99(se
964>,33
/0A6
*<(5;6
7<+6
769
9,-69A(9
,:(
:<79,4(*K(
@
+0:63=0P

,3
;,10+6
465C:;0*6
+,
5.3(;,99(
,5
76*6
4,56:
+,
*05*6
(N6:
7,:,
(
3(

9,:0:;,5*0(
767<3(9e
05
,4)(9.6b
(8<,336
56
,8<0=(3K(
+,
505.T5
46+6

(
<5(
(<;H5;0*(
,-694(
796;,:;(5;,e
 3
9H.04,5
+,
5908<,

56

(5+<=6
5<5*(
,:*(:6
+,
7<)30*0+(+b
;(5;6
,5;9,
:<:
:T)+0;6:
*646
,5

,3
,?;9(51,96e
670(:
+,
#
4#0
- #"'#,2'
x‘‘y
+,3
6)0:76
;,7/,5

(9+05,9
@
+,
3(
0-2#122'-,
+,
5908<,
33,.(965
(
3(
=(301(
+,
;6+6:
@

*(+(
<56
+,
36:
,4)(1(+69,:
,<967,6:e
 3
7(7(
,P5

/()K(
79,40(f
+6
,5
‘
Ž
(3
9,@
5908<,
*65
,3
;K;<36
+,
 '" #*
"#$#,1-0
;9(:
:<
11#02'-

#.2#+
!0+#,2-03+
@
,:;,
;9(;()(
+,
79,:,9=(9
3(
-,
*64T5
+,
3(
90:f
;0(5+(+b
(<58<,
9,(-094(5+6
:<
7(7,3
*646
,-,
<79,46
+,
3(
.3,:0(

+,
5.3(;,99(
@
9,*69;(5+6
36:
,3,4,5;6:
8<,
/()K(5
:<:*0;(+6
3(
09(
+,

:<:
*9K;0*6:e
3
3<;,9(50:46
56
,5;9()(
,5
3(
<79,4(
(),A(e
<0,5,:
'
 ./-0$q)

'
-$./$)
 

,5
:<
,5;6956
:,
:,5;K(5
4C:
05*305(+6:
(
3(:
6705065,:
,=(5.H30*(:

x*646
,3
(9A6)0:76
/64(:
9(54,9y
:,
4,:()(5
36:
*(),336:
,5
:0f
3,5*06
6
*(K(5
=K*;04(:
+,3
;09(
@
(-361(
763K;0*6
+,
5908<,
x5(
63,f

5(b
964>,33ye
5;9,
3(
40569K(
+,
36:
7904,96:
,5;<:0(:;(:
05.3,:,:

+,
3(
,-694(
/()K(
<5
(*(+H40*6
-694(+6
,5
?-69+b
0330(4
@5f

+(3,b
*<@6
,=(5.,30:46
796;,:;(5;,
36
33,=P
(3
,?;9(51,96b
*(:0
*65
:,f
.<90+(+
(
0;;,5),9.
(:K
*646
(
,5(50(e
 33K
;9(+<16
3(
0)30(
(
<5

05.3H:
(+409()3,4,5;,
:,5*0336
x(<58<,
*65
;9(A(:
+,
:<:
9(K*,:
.36<f

*,:;,90(5(:ye
5908<,

36
6+0()(
@
36
40:46
:<*,+K(
*65
64C:

696b
@(
,5*(9*,3(+6
,5
3(
699,
+,
65+9,:
,5
,3
464,5;6
+,
3(
+,f
;,5*0P5
+,
@5+(3,
,5
4),9,:e
0
56
-<,
696
8<0,5
7(.P
(
3(
7,9:6f
5(
8<,
;9(0*065P
(
@5+(3,b
;<=6
8<,
:,9
,3
796706
9,@
8<0,5
79670*0P

:<
*,3(+(
@
,1,*<*0P5
,5
3(
/6.<,9(
769
3(
58<0:0*0P5e
,96
5908<,

56
76+9K(
*65;963(9
+,:+,
:<
;<4)(
36
8<,
0)(
(

:<*,+,9
4C:
;(9+,e
<
/016
@
/,9,+,96
+<(9+6

:636
;,5K(
5<,=,

(N6:
,5
“e
 3
r7904696:6
.9(5<1(s
:,
3,
+06
3(
4,169
,+<*(*0P5
8<,

,3
+05,96
76+K(
*6479(9e
5;9,
:<:
;<;69,:
,:;()(
,3
,9<+0;6
*3C:0*6

6/5
/,2,b
8<0,5
,5
‘“
:(30P
+,3
(94(906
7(9(
+,*3(9(9:,
(
-(=69

+,3
796;,:;(5;0:46e
<
;K6
+>(9+
,@46<9
x/,94(56
+,
(5,
,@f

46<9b
;,9*,9(
4<1,9
+,
5908<,
 y
:,
*65=09;0P
,5
69+
96;,*;69
@

,3
65:,16
+,
,.,5*0(
,5
<5(
5P405(
+,
(8<,336:
*<@6
796;,:;(5;0:f
46
:,
/()K(
4(5;,50+6b
*646
,3
+,
/,2,b
,5
3(
*3(5+,:;050+(+e
3
,?f
7,904,5;6
+,
9,-694(
8<,
;<=6
3<.(9
+<9(5;,
(8<,336:
:,0:
(N6:b
,5;9,

‘“
@
‘‘b
-<,
*646
<5
r:,.<5+6
(*;6
+,
<5
+9(4(
*65;05,5;(3
9,f
79,:,5;(+6
(5;,:
,5
<5
,:*,5(906
+0-,9,5;,sb
*646
/(
+0*/6
9,*0,5;,f
4,5;,
<5
/0:;690(+69e
,96
,9(
,*3H*;0*6b
*65
<5
9,:<3;(+6
,?*H5;90*6
@

;<=6
8<,
,5-9,5;(9:,
(
3(
9,:0:;,5*0(
36*(3e
3
(9A6)0:76
/64(:
9(54,9
9,*3<;P
;(3,5;6:
;,63P.0*6:
,5
,3

,?;9(51,96e
9(:
3(
=0*;690(
047,90(3
,5
U/3),9.
,9(
<5
)<,5
464,5f
;6
7(9(
/(*,936e
(*P
(
,95(9+056
*/056
+,
<.:)<9.6
=K(
(:03,(
@

:;9(:)<9.6b
6-9,*0H5+63,
<5(
79,),5+(
,5
(5;,9)<9@b
967(:
5<,=(:

@
36:
30)96:
8<,
5,*,:0;(9(b
(:K
*646
3(
+09,**0P5
+,
3(
7904,9(
*64<50f
+(+
,=C5.,30*(
,5
65+9,:
+,
3,5.<(
,?;9(51,9(e
<:
,:*90;6:b
(+,*<(f
+(4,5;,
;9(+<*0+6:b
;<=0,965
<5
.9(5
047(*;6e
<
7(0:(56
0,;96
(9f

;09,
,940.30
;(4)0H5
-<,
9,*3<;(+6
7(9(
<5
7<,:;6
,5
?-69+e
6:

6)0:76:
v (;04,9b
0+3,@b
65,;
@
667,9v
,9(5
:<:
(40.6:e
9(
:<

;,636.K(
+,
3(
<*(90:;K(
3(
8<,
9(54,9
05;96+<16
,5
,3
* 0-
"#
0V
!'-,#1
-+3,#1
+,
‘
‘Že
5;9,
6;96:
,?;9(51,96:
,:;()(5
(9;05
<*,9

x*65
<5(
*C;,+9(
,5
(4)90+.,yb
,3
/,)9(K:;(
44(5<,3
9,4,330<:
 - $q)
- +- .$q)
- !*-(  s '
 ./-0$q)

'
-$./$)

x9,4,3306b
<56
+,
36:
(40.6:
*(3=050:;(:
+,

*/056
@
,940.30y
@
(5
+,:7(*/(+6
(
3(
4(@69K(
+,
36:
3K+,9,:
796;,:;(5;,:
8<,
56
/()K(5
/<0f

(:20b
;6+6:
36:
*<(3,:
*647(9;K(5
3(
0+,(
+,
9(54,9
x8<,
:,
/0A6
7Tf +6
@
,:;()(5
;9(;(5+6
+,
30470(9
36:
T3;046:
9,:;6:
v 36:
r:6:;,5,f
)30*(
,5
4(9A6
+,
 ‘
‘Žy
+,
*65=6*(9
<5
65*0306
,5,9(3
+,
3(
.3,:0(
+69,:s
+,3
46=040,5;6v b
4C:
+0-K*03,:
+,
5*65;9(9
@
,5
(8<,3
46f
,5
7<.5(
*65
,3
65*0306
+,
9,5;6e
8<,3
796@,*;6
5<5*(
+,:7,.P
@
4,5;6
05(*;0=6:e
0
(9K(

/<)0,9(
=0=0+6
4C:b
,:
+0-K*03
04(.05(9

,3
,?7,904,5;6
796;,:;(5;,
,5
5.3(;,99(
8<,+P
05;,99<470+6
*65
3(
*09*<5:;(5*0(:
8<,
/<)0,95
76+0+6
/(*,9
9,5(*,9
,3
796;,:;(5;0:46
05f
9,7,5;05(
4<,9;,
+,
+<(9+6

,3
’
+,
1<306
+,
‘
‘e
5;9,
36:
(:<5f .3H:e
6
/()9K(
;,50+6
(@<+(
+,
9(5*0(
6
+,
36:
(K:,:
(16:e
5
:f
;6:
56
*6473,;(+6:
,:;()(
3(
r,-694(
+,
3(:
,@,:sb
<5
796@,*;6
7(9(
*6*0(
3(
9,.,5*0(
+,
(9K(
:;<(9+6
x0
‘f‘’y
,:;()(
1<:;(4,5;,
,5

9,,473(A(9
,3
+,9,*/6
*(5P50*6
,5
,3
8<,
,940.30b
0330(4
 ,+ K
@
:<
464,5;6
*<4)9,
,5
‘‘”
*65
:<
4(;9046506
*65
,3
+,3-K5
(360:b

6;96:
/()K(5
05=,9;0+6
4<*/6
,:-<,9A6e
5
,:,
:,5;0+6b
*646
,5
6;96:b
9(5*0:*6
e
65
,3
,:;()3,*040,5;6
+,
<5(
5(*065(30+(+
*64T5
-9(5f
5.3(;,99(
56
,:;()(
4C:
8<,
4,+06
9,-694(+(
,5
,3
464,5;6
+,
3(
*6f,:*6*,:(
,5
‘
‘
“b
:*6*0(
7(9,*K(
+,:;05(+(
(
-694(9
7(9;,
+,
(8<,3

4<,9;,
+,3
9,@e 047,906
+05C:;0*6e
3
(**,:6
+,
:(),3

(3
;9656
05.3H:
,5
56=0,4)9,
+,

<
:<*,:69(b
(9K(

<+69b
33,.P
(3
76+,9
4,+0(5;,
<5
.637,
*65f ‘
‘
”
3,
+06
(
;6+6
(8<,336
<5(
=<,3;(
+,
*(47(5(e
64,5A()(
*65
H3

;9(
3(
40569K(
796;,:;(5;,
8<,
79,;,5+0P
:<:;0;<09
(
+<(9+6

769
:<
<5
7,9K6+6
+,
05,:;()030+(+
:05
7(9(5.P5
,5
3(
763K;0*(
+,
<967(
6**0f
:6)905(
(+63,:*,5;,
(+@
(5,
9,@b
(79,:(+(
(3
*()6
+,
5<,=,
+K(:
@
+,5;(3b
+<9(5;,
,3
8<,
:<9.0,965
(-030(*065,:
763K;0*6f9,30.06:(:
;9(5:f
,1,*<;(+(
:0,;,
4,:,:
+,:7<H:
769
69+,5
+,
:<
()<,3(
(9K(e
8<,33(
5(*065(3,:
8<,
;9(;()(5
+,
*9,(9
*64<50+(+,:
*90:;0(5(:
,5
<967(

40569K(
*656*K(
3(
=<35,9()030+(+
+,3
,?7,904,5;6
796;,:;(5;,
05.3H:e
4<@
+0-,9,5;,:
(
3(
90:;0(5+(+
+,3
7(:(+6e
/64(:
9(54,9
(*65:,1P
(
,940.30
@
(
6;96:
8<,
()(5+65(9(5
,3

7(K:
,5
:,7;0,4)9,
+,
‘‘e
0,5;9(:
,47(8<,;()(5
:<:
*6:(:b
36:
(9f
A6)0:76:
+,
(5;,9)<9@
@
692b
1<5;6
*65
36:
6)0:76:
+,
65+9,:
@

69*,:;,9b
-<,965
,5=0(+6:
(
790:0P5
,5
,3
7904,9
(:(3;6
+,
3(
67,9(f
*0P5
7(9(
+,:4(5;,3(9
3(
,-694(
796;,:;(5;,e
,
;9(;()(
+,
+,:;9<09

9C70+(4,5;,
:<
,:;9<*;<9(
69.(50A(;0=(b
(796=,*/(5+6
3(
:<79,4(*K(

+,3
:;(+6
05.3H:
:6)9,
:<
.3,:0(
@
(:,.<9(5+6
<5(
=0:0P5
7(9;0*<3(9

+,
3(
r(<;H5;0*(
6),+0,5*0(s
796*3(4(+(
=,05;,
(N6:
(5;,:
769
(9+0f

5,9e
,
*65:0.<0P
*65
,3
;(3,5;6
9,04769;(+6
+,
,.05(3+
63,b
8<,
33,f
.P
*646
*(9+,5(3
@
3,.(+6
7(7(3
,5
56=0,4)9,
+,
‘‘e
(+0,
:()K(

4,169
8<,
H3b
+(+(
:<
,?7,90,5*0(
,5
;(30(b
*P46
(9;0*<3(9
,:(
6),f
+0,5*0(
+,
;(3
-694(
8<,
)(16
(9K(
56
:,
+,)(;0,9(
*P46
.(5(9:,
36:

*69(A65,:
@
3(:
4,5;,:b
:056
*P46
(:,.<9(9
3(
*65-6940+(+e
<5*(

:()9,46:
:0
3(
*(47(N(
769
9,*(;630A(9
5.3(;,99(
/()9K(
76+0+6
;,5,9

H?0;6b
@(
8<,
:,
=06
;9<5*(+(
769
3(
4<,9;,
+,
(9K(
,5
56=0,4)9,
+,

‘”e
<9(5;,
:<
9,05(+6
-<,965
8<,4(+(:
,5
3(
/6.<,9(
4C:
+,
ŒŒ

7,9:65(:b
7905*07(34,5;,
,5
,3
:<9
+,3
7(K:e
;96:
36
()(5+65(965
7(9(

<509:,
(
36:
9,-6940:;(:
9,-<.0(+6:
,5
,5(50(
@
<0A(b
:0,5+6
<56
+,

,336:
,3
4(9;09636.0:;(
6/5
6?,e
<:
,:-<,9A6:
769
+6*<4,5;(9
3(

7,9:,*<*0P5
+,
(9K(
@
:0;<(93(
,5
,3
*65;,?;6
+,
3(
7(<;(
.,5H90*(
+,

3(
05;,9=,5*0P5
+0=05(
,5
3(
/0:;690(
:,
05*69769(965
*646
*65:<:;(5f
*0(3,:
(
3(
7(9;0+(
+,
5(*040,5;6
+,
3(
5.3(;,99(
796;,:;(5;,e
6
8<,
6?,
56
56:
*<,5;(
,:
8<,
,5
‘
‘
”
3(:
(<;690+(+,:
/()K(5
RIBOT Luis, La Edad Moderna (siglos XV-
XVIII), Marcial Pons, Madrid, 2016

LAS MONARQUÍAS COMPUESTAS EN LA ÉPOCA MODERNA: CONCEPTO Y EJEMPLOS
Universum. Revista de Humanidades y Ciencias Sociales, vol. 29, núm. 2, 2014, pp. 83-97
Disponible en: http://www.redalyc.org/articulo.oa?id=65032873007
&yPRFLWDUHODUWtFXOR
1~PHURFRPSOHWR
0iVLQIRUPDFLyQGHODUWtFXOR
3iJLQDGHODUHYLVWDHQUHGDO\FRUJ
UNIVERSUM • Vol. 2 • Nº 29 • 2014 • Universidad de Talca
Las monarquías compuestas en la época moderna: Concepto y ejemplos
Matthias Gloël
Pp. 83 a 97
LAS MONARQUÍAS COMPUESTAS
EN LA ÉPOCA MODERNA: CONCEPTO Y EJEMPLOS
The Early Modern composite monarchies: Concept and examples
Matthias Gloël *
RESUMEN
Este estudio pretende exponer, por un lado las características fundamentales del concepto de la “monarquía
Universum. Revista de Humanidades y compuesta” en la historia política de la época moderna. Se describen además los diferentes tipos de formar tal
Ciencias Sociales monarquía y qué problemas conllevaba una estructura compuesta en dicha época. Por otro lado, son tratados
ISSN: 0716-498X cuatro ejemplos de monarquías compuestas de toda Europa. El primero es el de Escandinavia con la unión de
universu@utalca.cl Kalmar, seguida por la corona sueca y la unión danés-noruega. El segundo es el caso de Polonia y Lituania, unión
Universidad de Talca dinástica en el este del continente. El tercero es la monarquía británica, compuesta por los reinos de Inglaterra,
Chile Escocia e Irlanda. El cuarto y último es la monarquía hispánica, una vasta monarquía con diversos territorios en
varias partes europeas. Al final se valorarán los puntos en común y las diferencias de los cuatro casos ilustrados. Se
verá la validez del concepto a nivel europeo, aunque se advierte también no abarca todos lo reinos europeos de la
época moderna y que además es discutible su validez acerca de los territorios extra-europeos de estas monarquías.
Gloël, Matthias
Palabras clave: Época Moderna, monarquía compuesta, Escandinavia, Polonia, Gran Bretaña, España.
Universidad de Talca
Talca, Chile ABSTRACT
This article studies the basic characteristics of the composite monarchies concept Early Modern European
political history. It shows different types of this kind of monarchy and the problems caused by such a structure.
In order to do so, four examples of composite monarchies will be treated. The first one is Scandinavia with the
Kalmar union, followed by the Swedish crown and the Danish – Norwegian union. The second one is the case
of Poland and Lithuania in the east of the continent. The third one is the British monarchy, composed of the
kingdoms of England, Scotland and Ireland. Finally comes the Spanish monarchy, a vast monarchy of many
territories in different parts of Europe. Finally will be evaluated what the four cases what were sown, have in
common and also, where the differences lay. It will be shown the validity of the concept on a European level,
although it will also been marked that it does not cover all European kingdoms in Early Modern times. Also
will be emphasized that the validity of the concept for the overseas territories of these monarchies.
Keywords: Early Modern times, composite monarchies, Scandinavia, Poland, Great Britain, Spain.
*
Doctor en historia por la Universidad de Hamburgo, Alemania. Correo electrónico: matthias@gloel.de
Artículo recibido el 27 de agosto de 2013. Aceptado el 15 de noviembre de 2013.
83
Sistema de Información Científica
Red de Revistas Científicas de América Latina, el Caribe, España y Portugal
Proyecto académico sin fines de lucro, desarrollado bajo la iniciativa de acceso abierto
 Matthias Gloël
INTRODUCCIÓN
Helmut Georg Koenigsberger, Conrad Russell y John Elliott son los tres nombres a
los cuales se suele hacer referencia cuando se trata del concepto de la “monarquía compuesta”.
Muchos, como Jesús Gascón Pérez, le atribuyen a Elliott la definición amplia del concepto
aunque admite que no fue el primero en usar ese término1. El mismo Elliott se refiere
en su artículo A Europe of composite Monarchies, el cual fue la teorización del concepto,
a Koenigsberger y Russell cuando usa el término “composite state”2. Efectivamente,
Koenigsberger destacó ya en 1975, que la mayoría de los estados en la época moderna eran
“composite states, including more than one country under the souvereignty of one ruler”3.
Estos territorios podían estar geográficamente separados como era el caso de las posesiones
de los Habsburgo en España, Italia y los Países Bajos o podían estar conectados como en los
casos de Inglaterra/Gales y Polonia y Lituania. Generalmente cada uno de estos territorios
mantenía sus propias cortes, con lo cual el monarca se solía enfrentar a varios parlamentos en
vez de uno solo. Éstos, además, podían ser muy distintos entre sí.
Las afirmaciones de Koenigsberger son usadas por Elliott como punto de partida
para su mencionado artículo A Europe of composite monarchies. Elliott añade que la monarquía
compuesta no fue un invento de la época moderna, sino que ya existían formaciones de ese
tipo durante la Edad Media, como en los casos de Borgoña o la Unión Escandinava de
Kalmar. Además, añade, la noción “composite state” no era fija, ya que “some early modern
states were clearly more composite than others”4. Según las referencias introducidas por el
jurista del siglo XVII, Juan de Solórzano Pereira, Elliott distingue entre dos tipos de unión
para dos territorios. Una sería la “accessory union”, en cuyo caso un reino o una provincia
pasa a formar jurídicamente parte de otro, lo cual conlleva las mismas leyes para todos
los habitantes. La otra la, al llama igual que Solórzano “aeque principaliter” (igualmente
importante). En este caso hay que tratar a los reinos o provincias de forma distinta, dado
que cada uno de ellos mantiene sus leyes y privilegios propios5. Este segundo tipo concuerda
con la definición de Koenigsberger para los “composite states”. Para el primer caso Elliott
entrega el ejemplo de la Corona de Castilla, y para el segundo, el de la Corona de Aragón o
los territorios italianos y de los Países Bajos dentro de la monarquía hispánica.
Conrad Russell, incluso, distingue tres formas de los, como él los llama, “multiple
kingdoms”6, y entrega un ejemplo por cada una con la monarquía británica. Las dos
mencionados por Elliott también se encuentran en Russell, con los ejemplos, por un
lado, de la unión de Inglaterra con Gales y, por otro lado, la de Inglaterra con Escocia,
cuya unión compara con la de Castilla y Aragón. Para la unión de Inglaterra con Irlanda,
Russell define un tercer tipo que se situaría en medio de los otros dos. Por un lado, Irlanda
tenía su propio “Privy Council”, parlamento y leyes. Por otro lado, las decisiones de dicho
1
Gascón Pérez, Jesús. Alzar banderas contra su rey. La rebelión aragonesa de 1591 contra Felipe II. Zaragoza: Prensas
Universitarias de Zaragoza, ( 2010): 46.
2
Elliott, John H. “A Europe of composite monarchies”, Past and Present 137(Oxford, 1992): 50.
3 7
Koenigsberger, Helmut. “Monarchies and parliaments in early modern Europe. Dominium Regale or Dominium
Politicum et Regale”, Theorie and Society 5/2 (Amsterdam, 1978): 202.
4 9
Elliott (1992): 51.
5 10
Ibídem, 52-53.
6 11
Russell, Conrad. The causes of the English civil war. Oxford: Oxford University Press, Oxford (1990): 40.
84
Las monarquías compuestas en la época moderna: Concepto y ejemplos
parlamento tenían que ser ratificadas en Inglaterra, lo cual implica una clara subordinación
de Irlanda a Inglaterra7. Elliott no hace esa última distinción, sino en otro artículo define
la unión irlandesa como “aeque principaliter” y como contraria a la galesa8.
Un estado compuesto se podía formar o extender de varias formas. Una era el principio
dinástico, típico de los Habsburgo españoles y también visible en la unión de Inglaterra con
Escocia. Otra posibilidad era la extensión por guerra, como muestra el caso de Irlanda con
su forma de llegar a la corona británica. Lo mismo ocurrió con el reino de Valencia que se
incorporó tras su conquista a la corona de Aragón. También se podía extender un estado
compuesto por iniciativa de los súbditos de un territorio, como ocurrió en 1619 cuando los
estados de Bohemia ofrecían su corona a Federico V del Palatinado. Lo mismo sucedió durante
la revuelta catalana cuando se ofrecía el principado al rey francés Louis XIII.
Se podría pensar que para los monarcas de la época moderna la “accessory union”,
“perfect union” en el inglés contemporáneo, debía ser la preferible, dado que de esa forma
los territorios recién agregados podrían ser asimilados más fácilmente. Pero en realidad,
los aparatos administrativos eran aún muy deficientes, por lo que los monarcas dependían
de las élites locales, cosa que hacía muy complicado realizar reformas contra la voluntad
de los habitantes. El funcionamiento de estas relaciones tenía una gran importancia,
porque aunque el rey gobernaba sus territorios, eran esas élites que gobernaban por él
a los habitantes. La unión del “aeque principaliter” podía ser por un lado complicada y
arriesgada, porque el rey tenía que enfrentarse a varios parlamentos. Sin embargo, estos
por otro lado conllevaba la ventaja que en caso de un conflicto en uno de los territorios se
podía contar con los recursos de los demás para solucionarlo.
Para Elliott la época moderna se caracteriza por su respeto por estructuras,
derechos y privilegios tradicionales, por lo que uniones del tipo “aeque principaliter”
encajaban mejor con las necesidades de la época9. Por eso, postula Elliott que es necesario
investigar la Europa de la época moderna bajo estos planteamientos y no bajo los de
los estadios nacionales unificados que solo existirían más tarde. Elliott agrega que sería
fácil pensar que los “composite state” solo constituían un estado intermedio camino a los
estados unificados. Pero, concluye que no se puede asumir que alrededor de 1600 éstos ya
se veían como un objetivo final a alcanzar en el futuro10.
Una unión “aeque principaliter” sugiere una unión entre iguales, cosa que formal y
efectivamente era así. Sin embargo, en la práctica uno de los miembros solía ser más poderoso
que los demás, como Castilla en la monarquía hispánica o Inglaterra en la británica. Esto
conllevaba en los demás territorios la pérdida de la presencia continua de su rey y el estatus
de sus metrópolis. Durante el siglo XVI, además, crecía la necesidad de una sede fija para la
corte, lo cual aumentaba todavía más este problema. Elliott define la ausencia real como “major
structural problem”, el cual ni siquiera Carlos V con sus continuos viajes por sus dominios era
capaz de solucionar11. La corte virreinal o la lugartenencia también constituía una solución
insuficiente para suplir la corte verdadera. No obstante, afirma Franz Bosbach, se aceptaba sin
Ibídem, 40
8
Elliott, John H. “Catalunya dins d’una europa de monarquies compostes”, Pedralbes 13 (Barcelona, 1993): 14.
Elliott (1992): 68.
Ibídem, 51
Elliott (1992): 56.
85
 Matthias Gloël
problemas un monarca o una dinastía que provenía de otro territorio y no se entendían tales
relaciones como dependencia o subordinación. Solo en el siglo XIX con el pensamiento de
estado nacional se solía interpretar estas relaciones como negativas y con falta de libertades12.
El monarca constituía el elemento central que conectaba a todos los territorios,
a veces tan diferentes entre ellos. Era rey, príncipe o conde de cada uno de sus territorios,
sin poseer un título que representara al conjunto de su monarquía, como por ejemplo
rey de España o rey de Britania. También la lealtad de las personas se concentraba
fundamentalmente en la persona del rey. Este dinasticismo describe un tipo de lealtad
personal hacia el monarca y su muchas veces antigua dinastía y era el elemento central
de unión para los territorios de una monarquía compuesta13. Para Elliott, era más fácil
crear lealtad hacia una persona visible que hacia una comunidad amplia creada por una
unión política14. Joseph Pérez va más allá e incluso niega que existiera una consciencia de
pertenecer a una unidad política mayor. Para él, esa conciencia se limitaba a la así llamada
“patria chica”15. De la misma manera Javier María Donézar Díez de Ulturrun descarta una
conciencia por unidad nacional o política para la época moderna16. En cualquier caso, dicha
lealtad no sería incompatible como más adelante en los estados nacionales del siglo XIX,
de forma que por ejemplo un habitante de la ciudad de Tarragona podía ser tarraconense
(ciudad), catalán (reino/principado), aragonés (corona) y español (monarquía), sin que esas
lealtades causaran conflictos. Un segundo factor importante para mantener tal unión es el
respeto mutuo por los privilegios y compromisos. Ahí es donde, según Elliott, fracasaron
de forma fatal tanto Felipe IV en la monarquía hispánica como Charles I en la británica17.
La importancia del concepto de la monarquía compuesta radica en el hecho que
es una propuesta de análisis muy diferente a la historiografía tradicional, muy marcada
por los nacionalismos de los respectivos países. Dicha historiografía veía una ruptura
fundamental con la Edad Media al inicio de la época moderna que habría iniciado la época
de los estados nacionales. La monarquía compuesta, en cambio, destaca la coninutidad
medievista y rechaza los conceptos de “unidad nacional” o “estado nacional”.
ESCANDINAVIA
Más de un caso de una monarquía compuesta da el espacio geográfico de
Escandinavia. A lo largo del siglo XIV se formó la unión de Kalmar, basándose en uniones
anteriores del mismo siglo. En 1319 Magnus Eriksson heredó la corona noruega cuando
solo tenía tres años. Magnus era, al mismo tiempo, descendiente de la familia real sueca. El
mismo año la nobleza sueca le ofreció también la corona de Suecia, con lo cual ambos reinos
quedaron unidos en la persona del rey. En 1355 Magnus Eriksson dio el reino de Noruega
12
Bosbach, Franz. “Mehrfachherrschaft – eine Organisation frühmoderner Herrschaft”. En Michael Kaiser & Michael
Rohrschneider (Eds.), Membra unius capitis. Studien zu Herrschaftsauffassungen und Regierungspraxis in Kurbrandenburg
(1640-1688). Berlin: Duncker & Humblot, (2005): 25.
13
Torres, Xavier. “A vueltas con el patriotismo. La revuelta catalana contra la Monarquía Hispánica (1640-1659)”. En
Antonio Álvarez-Ossorio y Bernardo García (Ed.), La monarquía de las naciones. Patria, nación y naturaleza en la monarquía
de España. Madrid: Fundación Carlos de Amberes, (2004): 821.
14
Elliott (1992): 57.
15
Pérez, Joseph. “Castilla, Cataluña y la monarquía hispánica”, Manuscrits 15 (Barcelona, 1997): 158.
16
Donézar Díez de Ulturrun, Javier. ”De las naciones-patria y la nación-patria. Del antiguo al nuevo regimen”. En Antonio Álvarez-
Ossorio y Bernardo García (Eds.), La monarquía de las naciones. Patria, nación. Madrid: Fundación Carlos de Amberes, (2004): 100.
17
Elliott (1992): 64.
86
Las monarquías compuestas en la época moderna: Concepto y ejemplos
a su hijo Hakon, el cual se casó posteriormente con la princesa de Dinamarca, entonces el
reino más poderoso de Escandinavia. El hijo de los dos, Olav, heredó ambos tronos, con
lo cual ahora Noruega se encontró dinásticamente unido a Dinamarca en vez de Suecia.
Tras la muerte de Olav, su madre Margarhete asume la regencia en ambos reinos. En 1389
también Suecia le ofrece tras varios conflictos internos la regencia de su reino. Ocho años
después, en 1397, finalmente firman nobles y eclesiásticos de los tres reino en Kalmar el
tratado de unión, el cual uniría a los tres reinos por más de cien años. A pesar de estar unidos
dinásticamente los tres reinos, cada uno mantuvo sus leyes y sus instituciones propias.
A pesar de esta supuesta estabilidad, Harald Gustafsson caracteriza la unión de Kalmar
como una unión personal muy débil y un intento fallido de crear un estado escandinavo18. Dicha
afirmación tiene varias razones. Ninguno de los tres reinos llegó a ratificar el tratado de unión
elaborado en Kalmar. Además, a partir de los años 30 del siglo XV los suecos dejaron de reconocer
la gran mayoría de los reyes comunes. El país fue gobernado básicamente por consejos o regentes.
En 1523 la unión de Kalmar terminó, como consecuencia de intentos centralizadores por parte
del rey Christian II que provocaron resistencia en todos los tres reinos19.
A continuación se formaron dos nuevas monarquías compuestas, la unión
danesa-noruega y la corona sueca. Tras la ruptura de la unión, esta última cayó en manos
de la dinastía Vasa que ocuparía el trono sueco durante más de un siglo. Bajo los Vasa
Suecia llegó a ser una de las potencias importantes europeas. Durante la segunda mitad del
siglo XVI y la primera del XVII, durante la Guerra de los Treinta Años, Suecia conquistó
provincias en Finlandia, en el Báltico y en el norte y este de Alemania. La incorporación de
éstas se hacía según el principio compuesto de la época moderna: pasaron a formar parte
de la corona sueca, sin que llegasen a serlo del reino sueco. También mantuvieron sus leyes
y su administración. En las provincias alemanas los monarcas suecos actuaron como señor
territorial (Landesherr), dentro del marco del Sacro Imperio.
En cambio, en las conquistas dentro de Escandinavia predomina una política de
integración, como Gustafsson ilustra con los ejemplos Gotland, Jämtland y Härjedalen que
la corona sueca adquirió en 1645. Estas provincias se incorporaron casi inmediatamente
al sistema administrativo, jurídico y político del reino de Suecia20. También fueron
incorporaciones duraderas, dado que hasta el día de hoy todavía pertenecen al estado
sueco. En cambio, las provincias bálticas y la mayoría de las alemanas se perdieron en la así
llamada Gran Guerra del Norte que acabó con la derrota de Suecia y que significó el final
de su época como potencia europea y de su monarquía compuesta.
También el resto de la unión de Kalmar se reestructuró después de 1523. La nueva
monarquía compuesta no sólo abarcaba los reinos de Dinamarca y Noruega, sino también
los ducados Schleswig y Holstein. Gustafsson caracteriza esa monarquía como la unión de
dos uniones, Dinamarca –Noruega por un lado y Schleswig– Holstein por otro21.
La condición noruega en dicha unión no está muy clara. En el juramento del
rey Christian III (1536) ya no se considera Noruega como un reino propio, sino como
18
Gustafsson, Harald. “Conglomerates or unitary states? Integration process in early modern Denmark-Norway and
Sweden”. En Thomas Fröschl (Ed,). Föderationsmodelle und Unionsstrukturen. Über Staatenverbindungen in der Frühen
Neuzeit vom 15. zum 18. Jahrhundert. Viena, Munich: Oldenbourg Verlag München, (1994): 47.
19
Ibídem, 47.
20
Ibídem, 52.
21
Ibídem, 59.
87
 Matthias Gloël
parte del reino danés22. Sverre Bagge llega por esta misma razón a la conclusión de que
Noruega perdió su independencia por completo en dicha unión23. No obstante, Noruega sí
continuó con sus propias leyes e instituciones, por lo que Gustafsson, en cambio, constata
que se puede considerar a Noruega como reino propio también después de 153624.
La otra parte de la unión eran los dos ducados de Schleswig y Holstein que según
el tratado de Ripen de 1460 estaban unidos para siempre (“up ewig ungedeelt”), aunque
no obstante, quedaron divididos alguna vez entre diferentes herederos. Pero siempre eran
de la misma dinastía y formalmente se gobernaban ambos ducados de forma común,
por lo cual efectivamente no se separaron por varios siglos. En cuanto a jurisdicción y
administración la integración de los ducados al reino danés era todavía menor que la
noruega.
El componente más fuerte de esta monarquía compuesta era el reino danés, donde
también habitualmente se encontraba presente el monarca. En Noruega y en los ducados,
en cambio, había gobernadores del rey. No hubo procesos de integración durante el siglo
XVI y la primera parte del XVII. Si las élites locales se mostraban leales a la corona, ésta no
se preocupaba mucho de cómo gobernaban a las provincias25. Incluso para el siglo XVII
el mismo Gustafsson considera que, a pesar de que algunas medidas se pueden interpretar
como centralizadoras, el carácter compuesto de la unión no se modifica26.
El fin de esa monarquía compuesta solo llegaría durante el siglo XIX. Primero, en
1814 Dinamarca cede Noruega a Suecia, con el que estaría unido nuevamente hasta 1905
cuando Noruega volvería a tener un rey propio. Los ducados de Schleswig y Holstein, en
cambio, se perdieron en 1864 tras la guerra perdida contra la alianza de Prusia y Austria.
POLONIA-LITUANIA
El ejemplo quizás menos complicado, dado que solo había dos territorios
implicados, es el de la unión de Polonia con Lituania. Dicha unión se realizó en 1385 a
base de un matrimonio de la reina polaca Hedwig con el gran príncipe de Lituania Jagiello.
Józef Gierowski afirma que en Polonia había discusiones sobre una posible incorporación
del gran principado pero dado que éste era un territorio mucho más grande que Polonia,
la única forma de realizar una unión era de forma dinástica27.
Como la unión de Kalmar, la unión entre polacos y lituanos era bastante débil y
resultaba difícil mantenerla. Ya al principio como reacción a las tendencias incorporatistas
por parte de los polacos, los lituanos eligieron con Witold, un primo de Jagiello, un propio
líder, pero al final tuvieron que rendirse y acceder a formar parte de la unión compuesta
con Polonia. Igualmente, durante el siglo XV la unión siguió siendo poco sólida y los
lituanos llegaron a romperla en varias ocasiones.
22
Ibídem, 55.
23
Bagge, Sverre. “Nationalism in Norway in the Middle Ages”, Scandinavian Journal of History 20, (Londres, 1995): 13.
24
Gustafsson, 55.
25
Ibídem, 57.
26
Ibídem, 58.
27
Gierowski, Jozef A. “Die Union zwischen Polen und Litauen im 16. Jahrhundert und die polnisch – sächsische Union des
17./18. Jahrhunderts”. En Thomas Fröschl (Ed.), Föderationsmodelle und Unionsstrukturen. Über Staatenverbindungen in der
Frühen Neuzeit vom 15. zum 18. Jahrhundert. Viena, Munich: Oldenbourg Verlag München, (1994): 64.
88
Las monarquías compuestas en la época moderna: Concepto y ejemplos
Sin embargo, la unión siempre se restablecía y durante el siglo XVI hubo varias
reformas que tenían como objetivo dotar a la nobleza lituana con los mismos (o al menos
parecidos) derechos que la polaca. Cuando en los años 60 del siglo XVI se veía que se
acabaría la dinastía reinante, se buscaba una forma de unión más unida, porque una crisis
dinástica hubiese llevado también a una crisis en las relaciones entre Polonia y Lituania28.
Eso llevó a la unión de Lublin de 1569.
El tratado definía que el reino polaco y el gran principado de Lituania se convertían
en un cuerpo con una población que sería unido para siempre29. Pero igual que el caso
de Dinamarca y Noruega era una unión con muchas limitaciones. Se acordó una política
exterior común pero se mantuvieron cargos separados en los dos territorios. Tampoco hubo
un ejército común, sino éstos también quedaron separados. Ambos además mantuvieron
su propia jurisdicción y su administración.
De todas formas, la unión resultó ser duradera y se mantuvo más de 200 años. Su
fin llegó como consecuencia de las particiones de Polonia al final del siglo XVIII (1772, 1793
y 1795) que terminaron formalmente la unión compuesta de estos dos territorios. Hasta
entonces fue una unión mucho más sólida que la medieval que habían tenido. Hubo grandes
éxitos comunes como la conquista de Livonia que pasó a ser un condominio de ambos. Al
final solo la intervención exterior por parte de Rusia, Prusia y Austria la llevó a su fin.
LA MONARQUÍA BRITÁNICA
Varios tipos de uniones se encuentran en la historia de los reinos británicos e Irlanda.
Ya en la Edad Media Inglaterra conquistó a Gales en más de una ocasión y en 1301 el rey
inglés coronó a su hijo como primer príncipe de Gales. La administración y las leyes del nuevo
principado no se modificaron. Solo más en 200 años más tarde, bajo la nueva dinastía de los
Tudor que eran de antecedencia galesa, se emplearon cambios profundos. En 1535 y 1542
se hicieron dos actos de integración jurídica (Laws in Wales Acts), cuyo objetivo era crear un
solo estado con una sola jurisdicción. Pero no era una fusión entre iguales, sino se aplicó la
jurisdicción inglesa a Gales, con lo que éste prácticamente pasó a formar parte de Inglaterra30.
Las uniones inglesas con Escocia e Irlanda, en cambio, eran más complicadas. Hasta
1541 Irlanda ni siquiera era un reino, sino un señorío (lordship), creado como una posesión
papal después de la invasión normanda en 1177. El rey de Inglaterra al mismo tiempo era el
señor de Irlanda. El objetivo principal de la creación del reino era justamente evitar posibles
pretensiones papales sobre Irlanda31. En la práctica no cambiaba mucho para el nuevo reino
irlandés. El mismo “Crown of Ireland Act” estableció que Irlanda permanecía “united and
knit to the imperial crown of the realm of England”32. Por lo tanto, parecido a lo visto en el
caso sueco, Irlanda pertenecía a la corona inglesa pero no al reino inglés. Por un lado también
28
Ibídem, 68.
29
Ibídem, 69.
30
Russell, p. 40.
31
Asch, Ronald. “Die Stuart – Monarchie als composite monarchy: Supranationale Staatsbildung in Großbritannien und
Irland im 17. Und frühen 18. Jahrhundert”. En Hans J. Becker (Ed,). Zusammengesetzte Staatlichkeit in der Europäischen
Verfassungsgeschichte. Berlin: Duncker & Humblot, (2006): 150.
32
Robertson, John. “Union by incorporation. England, Scotland and Ireland 1603-1801”. En Thomas Fröschl (Ed.),
Föderationsmodelle und Unionsstrukturen. Über Staatenverbindungen in der Frühen Neuzeit vom 15. zum 18. Jahrhundert.
Viena, Munich: Oldenbourg Verlag München, (1994): 105.
89
 Matthias Gloël
Irlanda tenía sus propias leyes pero por otro lado todas las leyes hechas por el parlamento
irlandés necesitaban ser confirmadas por el consejo inglés.
Distinta era la unión con Escocia la cual se produjo de forma dinástica. En 1603 el
rey escocés James VI heredó el trono inglés y se convirtió también en James I de Inglaterra.
En este caso el monarca sí era la única conexión entre los reinos, ya que el consejo inglés,
diferente al caso irlandés, no tenía ninguna competencia en Escocia que mantuvo toda su
legislación y sus leyes propias.
Lo que convierte en poco usual el caso británico, es que el propio James no se
quiso conformar con esta unión compuesta entre Inglaterra y Escocia y directamente
al haber subido al trono inglés inició discusiones sobre una unión que convirtiese a
ingleses y escoceses en miembros de un solo cuerpo político33. Dichos intentos fracasaron
rotundamente por la negación tanto de los ingleses como de los escoceses. En ambos
reinos aún había mucha antipatía hacia el otro34. Sobretodo el parlamento inglés se puso
en contra, porque temía que dicha iniciativa llegase a formar un nuevo estado que anulara
a los derechos y privilegios del parlamento35. Esto indica que probablemente hubiese sido
una unión entre iguales que habría dado paso a un nuevo reino y no la incorporación
de un reino en el otro. James, no obstante, insistió y se proclamó en 1604 como rey de
Gran Bretaña, pero sin llevar más adelante la unificación institucional. Ambos reinos se
mantuvieron independientes sin ninguna forma de subordinación entre ellos.
Para Asch, el factor que causó más problemas entre los tres reinos, fue el religioso36.
La reformación había transcurrido de forma distinta en cada uno de ellos. En Inglaterra se
promovió a través de la corona como consecuencia de las discordias del rey Henry VIII y el
papa. En Escocia, en cambio, se introdujo sin influencia de la corona y en parte incluso en
contra de ella. El sistema escocés era presbiteriana, por lo cual las parroquias eran mucho
más libres que en el sistema episcopal.
La iglesia irlandesa se parecía más a la inglesa, aunque también tenía su propia
profesión de fe que estaba más marcada por el calvinismo. Más problemático en el
caso irlandés era, no obstante, que los protestantes en sí solo constituían una minoría.
La mayoría de los irlandeses seguía siendo católica y eran solo tolerados sin los mismos
derechos que los miembros de la iglesia oficial37.
Entre 1651 y 1660, bajo el gobierno de Oliver Cromwell, se creó efectivamente
durante un breve período un estado británico con un parlamento común, el Commonwealth
of England, Scotland and Ireland. Con la restauración de la monarquía, no obstante, se
volvió también al sistema compuesta en una unión dinástica38. Pero las tensiones de antes
seguían latentes, sobretodo las religiosas, aunque también cada vez más las económicas39.
Esta unión puramente dinástica con Escocia terminó en 1707 después de una crisis
dinástica. Inglaterra aceptó en 1701 la reina Anne de la casa de Hannover sin consultarlo
antes con los escoceses ni irlandeses. Éstos no aceptaron dicha sucesión, lo cual inició
33
Ibídem, 106.
34
Asch, p. 157.
35
Ibídem, 157.
36
Ibídem, 145.
37
Ibídem, 146.
38
Robertson, p. 108.
39
Ibídem, 109.
90
Las monarquías compuestas en la época moderna: Concepto y ejemplos
negociaciones sobre una unión más sólida que durarían varios años. En Inglaterra se quería
conseguir esta reunión a toda costa y al final el parlamento escocés la aprobó tras haber
conseguido las élites escocesas concesiones importantes40. Dicha unión no conllevaba
una centralización en todos los aspectos. Escocia mantuvo su sistema jurídico y su iglesia
presbiteriana. En cambio, los impuestos se pagaban ahora al nuevo estado británico, como
también ingleses y escoceses pasaron a servir en el ejército común.
Esta unión de 1707 no incluía a Irlanda que seguía siendo un reino a parte, pero,
como dice Asch, dependiente de Inglaterra en un estado semi colonial41. Ya había quedado
fuera de los planes unionistas de James I (VI de Escocia) en 1606 y ahora nuevamente los
ingleses no parecían estar interesados en incorporarlos de misma manera que los escoceses.
Las élites irlandeses sí deseaban unirse a la nueva corona británica pero estaban conscientes
de que Inglaterra no se lo concedería. Así lo expreso por ejemplo el político irlandés
diciendo una unión parecida a la escocesa es “an hapiness we can hardly hope for”42. De
esta manera Irlanda no consiguió un comercio libre con Inglaterra que hubiese sido muy
ventajoso para la economía irlandesa43.
Irlanda tendría que esperar casi un siglo más, hasta 1801 para incorporarse al
reino unido. En 1798 los irlandeses católicos se habían sublevado y habían recibido mucha
ayuda por parte de Francia. Esa amenaza francesa era la razón principal para los ingleses en
promover ahora una incorporación del reino irlandés al que ahora se llamaría Reino Unido
de Gran Bretaña e Irlanda44. Ahí permaneció hasta 1921 cuando 26 de los 32 counties se
independizó e Irlanda quedó dividida en la República de Irlanda e Irlanda del Norte que
sigue perteneciendo al Reino Unido.
LA MONARQUÍA HISPÁNICA
Uno de los ejemplos más emblemáticos para una monarquía compuesta es la monarquía
hispánica. El mismo Koenigsberger la caracteriza como la “monarchy par excellence of multiple
dominios”45. Dicha monarquía tuvo su inicio con el matrimonio de los Reyes Católicos en 1469,
el cual unió dinásticamente a dos de las tres coronas ibéricas, la de Castilla y la de Aragón.
Pero dichas dos coronas en sí mismas ya constituían monarquías compuestas,
representando los tipos definidos por Elliott. Ambas se formaron durante la Edad Media.
La Corona de Castilla tuvo su origen en el principado de Asturias que a lo largo de la así
llamada “reconquista” se extendió cada vez más hacia el sur. El centro de poder se traspasó
primero a León y más adelante a Castilla. Tras varias separaciones por divisiones entre
los príncipes, en 1230 Castilla y León – Asturias permanecieron definitivamente unidos.
Hasta 1492 (conquista de Granada) se conquistaron varios reinos más de los moros que se
incorporaron también en la corona de Castilla.
En total había ocho reinos (Castilla, León, Toledo, Murcia, Córdoba, Jaén, Sevilla
y Granada) con representación en las cortes castellanas y había otros como el de Galicia que no
40
Asch, p. 162.
41
Ibídem, 155.
42
Robertson, p. 115.
43
Ibídem, 115.
44
Ibídem, 118.
45
Koenigsberger, 203.
91
 Matthias Gloël
la tenían, a pesar de pertenecer igualmente a dicha corona. Desde 1255 existía un decreto según
el cual los reinos de la corona castellana ya no se podían separar46. La corona entera se regía por
las mismas leyes, por lo que la unión seguía el principio de “accessory union”, aunque los reinos
conquistados no pasaron a formar parte del reino de Castilla, sino de la corona de Castilla. Pero
a pesar de que formalmente seguían siendo reinos a parte, sí se introdujo por completo el sistema
judicial y administrativo castellano. La única excepción eran el reino de Navarra que sólo se agregó en
1512, pero que mantuvo sus leyes y sus cortes y las tres provincias vascas Alava, Guipózcoa y Vizcaya
que se habían unido bajo las mismas condiciones en diferentes momentos de la Edad Media.
En cambio la corona de Aragón estaba formada según el principio del “aeque
principaliter”. Tuvo su inicio en 1137 cuando se casó Petronila, la heredera del trono del
reino de Aragón, con el futuro Ramon Berenguer IV, conde de Barcelona que reinaba en
el principado de Cataluña. En 1231 se conquistó Mallorca y en 1237 Valencia donde se
fundaron dos nuevos reinos independientes que se integraron con el mismo principio a
la corona de Aragón. Cataluña, Aragón y Valencia tenían también cada uno sus propias
cortes. Aunque en tiempos de los Habsburgo se convocaron varias veces al mismo tiempo,
no existían cortes para toda la corona, sino en estos casos había tres cortes reunidas al
mismo tiempo, pero de forma separada. Al final del siglo XIII y principio del XIV se
conquistaron también los reinos de Sicilia y Cerdeña y ambos pasaron a formar parte de la
corona. En 1442 bajo Alfonso V además se incorporó al reino de Nápoles.
Dichas dos coronas se unieron, como ya mencionado, de forma “aeque
principaliter” en 1469. En los siguientes 100 años aproximadamente se producirían más
incorporaciones, a parte de la ya referida del reino de Navarra. El territorio conquistado
en las Américas se incorporó después de la muerte de los reyes católicos en la corona de
Castilla. En 1535 y 1542 se crearon entonces los virreinatos de la Nueva España y de Perú
que se encontraron vía “accessory union” en dicha corona.
En 1580 Felipe II de Castilla (I de Aragón) heredó el trono portugués y sucedió como
Felipe I en el reino de Portugal. Dicho reino se había desprendido como condado del reino de
León a finales del siglo XI y se convirtió en un reino independiente en 1143 con la proclamación
de su primer rey Afonso Henriques. Como los reinos de la corona de Aragón, Portugal también se
unió de forma “aeque principaliter”, manteniendo sus leyes y privilegios. Con esta incorporación
toda la Península Ibérica se encontraba bajo el cetro de un mismo monarca.
Los monarcas residían mayoritariamente y a partir de Felipe II casi únicamente
en la corona de Castilla. Los demás reinos se gobernaban con el envío de virreyes que
representaban como un alter ego la persona del rey. Su poder era muy grande teóricamente
pero se encontraba con bastantes limitaciones en la práctica causadas por los privilegios
e instituciones de cada uno de los reinos47. Además estaban los consejos territoriales pero
éstos tampoco eran capaz de solucionar el problema de la ausencia real48.
46
Schmidt, Peer. “Die Reiche der spanischen Krone. Konflikte um die Reichseinheit in der frühneuzeitlichen spanischen
Monarchie”. En Hans J. Becker (Ed.), Zusammengesetzte Staatlichkeit in der Europäischen Verfassungsgeschichte. Berlin:
Duncker & Humblot, (2006): 173.
47
Hernando Sánchez, Carlos José. “Estar en nuestro lugar, representando nuestra propia persona. El gobierno virreinal en
Italia y la Corona de Aragón bajo Felipe II”. En Emest Belenguer Cebrià (Ed.), Felipe II y el Mediterráneo. La monarquía y
los reinos (I). Madrid: Sociedad Estatal para la Conmemoración de los Centenarios de Felipe II y Carlos V, (1999): 221-222.
48
Cardim, Pedro. “La jornada de Portugal y las Cortes de 1619”. En José Martínez Millán y Maria Antonietta Visceglia
(Ed.), La monarquía de Felipe III. Los reinos. Volumen IV. Madrid: Fundación Mapfre, (1999): 946.
92
Las monarquías compuestas en la época moderna: Concepto y ejemplos
Castilla sin duda era el centro y núcleo de poder de la monarquía. Las élites castellanas
dominaban las redes del poder y ocupaban la gran mayoría de los cargos importantes como
de los virreyes y obispos. Los nobles de los demás reinos, en cambio, estaban marginados
y sin esperanza de ocupar algún cargo importante. Los intereses de dichos reinos solo se
toleraban si no iban en contra de los de la monarquía49. Otro indicio de la importancia
decreciente de los reinos periféricos es el hecho de que sus cortes se convocaron cada vez
menos, hasta que Felipe III sólo lo hizo una vez en todo su reinado (1598 -1621).
Bajo Felipe IV y su valido Olivares la monarquía ya no podía continuar ignorando
estos reinos y sus posibilidades económicas. Los gastos de la corona eran muy altos y
necesitaba recaudar dinero y soldados en la corona de Aragón y en Portugal. El problema
eran los privilegios de dichos reinos. Mientras en Castilla el rey tenía toda la potestad sobre
el uso de los fondos aprobados en cortes, en los otros reinos las cortes no solo tenían que
aprobar el dinero, sino también influían en el uso. En la corona de Aragón había un fuero
que prohibía usar dinero de la corona de Aragón para asuntos ajenos de los propios reinos.
Por todo ello, Olivares quería reformar la monarquía y deshacerse de las desventajas
que conllevaban las uniones “aeque principaliter” para la corona. En su famoso memorial
le aconseja al rey:
Tenga V. Maj. por el negocio más importante de su Monarquía el hacerse rey de España;
quiero decir, señor, que no se contente V. Maj. con ser rey de Portugal, de Aragón, de Valencia,
conde de Barcelona, sino que trabaje y piense con consejo maduro y secreto por reducir estos
reinos de que se compone España al estilo y leyes de Castilla, sin ninguna diferencia50.
Olivares quería introducir las leyes y la administración castellanas en los otros
reinos, aunque no precisamente porque fuesen castellanas, sino seguramente porque la
autoridad real en este reino era más alta, por lo que le convenía a la monarquía tener la
misma en los demás reinos también.
Pero los reinos periféricos no estaban muy dispuestos a sacrificar sus privilegios y
entre otras razones la presión fiscal llevó a dos de ellos a sublevarse contra la monarquía.
Cataluña se levantó en verano de 1640, primero solo contra el gobierno (“Viva el rey,
abajo el mal gobierno” era el lema inicial de la revuelta) pero a finales de 1641 dejaron de
reconocer a Felipe IV (III en la corona de Aragón) como conde de Barcelona, dándole el
título al rey francés Louis XIII. Los portugueses, en cambio, que se rebelaron a finales de
1640, proclamaron con João IV directamente otro rey, descendiente de la dinastía de Avis
que había quedado extinta en 1578.
La monarquía empleó muchos años de guerra intentando recuperar ambos
territorios, pero la escisión portuguesa resultó ser definitiva. Cataluña, en cambio volvió a
reconocer Felipe IV en 1652 y éste les volvió a jurar sus privilegios, por lo que el retorno
de Cataluña a la monarquía se produjo también de forma “aeque principaliter”. Esta
monarquía compuesta solo se deshizo varias décadas después tras la guerra de sucesión de
49
Echevarría, Miguel Ángel. “Flandes en la Monarquía Hispánica”. En Conrad Russell (Coord.), Las monarquías del antiguo
régimen, ¿monarquías compuestas? Madrid: Editorial Complutense, (1996): 114.
50
Elliott, John y de la Peña, José (Eds.), Memoriales y cartas del Conde Duque de Olivares. Tomo I. Política Interior: 1621 a
1627. Madrid: Ediciones Alfaguara, (1978): 96.
93
 Matthias Gloël
1701 a 1714. Como consecuencia de su apoyo al archiduque de Austria en la lucha por el
trono el nuevo rey Felipe V derogó con el Decreto de la Nueva Planta todas las instituciones
y leyes de los reinos de la corona de Aragón. El País Vasco y Navarra mantuvieron sus
fueros todavía más de un siglo hasta las guerras carlistas y el triunfo final del liberalismo.
CONCLUSIONES
Con los cuatro ejemplos ilustrados se pudo apreciar que el concepto de la
monarquía compuesta es válida para la Europa de la época moderna. No solo se evidenció
en varias monarquías de dicha época, sino que también se ven en partes muy distintas del
continente. Además se ve en muchos casos que la forma compuesta no es una señal de
debilidad como se quiso interpretar en los siglos XIX y XX, sino más bien resultó ser un
factor estabilidad. En cambio, en varios casos los intentos de acabar con dicha estructura
resultó ser un peligro para la estabilidad e integridad de las monarquías.
Las monarquías compuestas por varios territorios mostraban los dos tipos de
unión definidos por Elliott, excepto el caso de monarquía formada por la corona danesa,
donde todos los territorios (Dinamarca, Noruega, Schleswig y Holstein) estaban unidos de
forma “aeque principaliter”. En el caso de Suecia y la monarquía británica es el miembro
más fuerte (Suecia e Inglaterra) que también anexiona territorios de tipo “accessory
union”. En caso del reino de Suecia son varios territorios escandinavos y en el de Inglaterra
el principado de Gales. En cambio, las uniones de Suecia con los territorios alemanes
y bálticos y la inglesa con Escocia y hasta cierto punto con Irlanda se hicieron según el
principio de “aeque principaliter”. Un caso más complejo aún es la monarquía hispánica
que inicialmente se compuso de dos coronas enteras, ya compuestas de varias territorios.
Por un lado, la corona de Castilla, en la cual todos los territorios se habían ido agregando
de forma “accessory union” y por otro lado, la de Aragón, en la cual cada uno de los
miembros se había unido de forma “aeque principaliter”.
En todos los casos, salvo el de Polonia y Lituania, cuya unión terminó por
intervención exterior, se tuvo que tratar el tema de la centralización y uniformización
en algún momento. En Escandinavia la unión de Kalmar se rompe tras las iniciativas
centralizadoras por parte de la corona. En las dos uniones que resultaron de ella, el tema
se trató con mucho cuidado y hubo pocos intentos serios, cosa que quizás contribuyó
a que llegasen a existir tanto tiempo. En la monarquía hispánica los reinos periféricos
intentaron resistir cualquier intento de la monarquía, ya que para ellos centralización
implicaba perder privilegios y derechos frente a la corona. Distinto es el caso británico.
Tanto escoceses como ingleses se oponen a una uniformización, ya que ambos piensan que
conllevaría una pérdida de derechos frente al rey. Diferente es el caso irlandés. Un siglo
después sí tuvieron éxito las reformas centralizadoras. Las élites inglesas se aseguraron sus
privilegios parlamentarias y las escocesas también negociaron varias ventajas para antes de
votar el acuerdo. Los irlandeses, en cambio, sí veían desde siempre con buenos ojos tener
las mismas leyes que Inglaterra, porque para ellos dicha igualdad hubiese supuesto más
ventajas que pérdidas. Ahí es la monarquía que los excluye de todo proyecto centralizadora,
tanto en 1603 como en 1707.
94
Las monarquías compuestas en la época moderna: Concepto y ejemplos
Se ve que aunque la formación de todas estas uniones es similar y se puede aplicar
el mismo concepto (el de la monarquía compuesta) a ellas, los procesos, el desarrollo y
las relaciones entre sus miembros y con la monarquía resultan ser en cada caso distintos.
La demostrada validez del concepto no significa que éste sea apto para todos los reinos o
monarquías europeos de dicha época. Sobre todo el caso de Francia, el cual era uno de los
reinos más importantes de dicha época, está muy discutido si se trata de una formación
compuesta o no. Por un lado, Russell rechaza la posibilidad de aplicar el concepto de la
“monarquía compuesta” al reino francés, ya que únicamente sería aplicable al caso del
Bearne, pero no al resto de Francia51. Rogelio Pérez Bustamante, en cambio, afirma que
no se puede definir a la Francia moderna como una monarquía centralista y unificada, tal
como lo hacía la historiografía tradicional52. Se remite a territorios como la Bretaña, la
Normandía y la Gascuña que sí mostraban diferencias regionales y los títulos distintivos
que llevaba el monarca (Delfín en el Delfinado, Conde en Provenza)53.
También queda abierta la posible validez de dicho concepto para los territorios
fuera de Europa, al menos para los casos de la monarquía hispánica y británica. Ambas
poseían territorios fuera de Europa que sin duda permanecían a la monarquía pero habría
que analizar más a fondo si se les puede considerar partes compuestas de la misma. El
mismo Elliott parece que limita de cierta forma la noción de “monarquía compuesta” a los
reinos europeos, dado que cuando se centra en los territorios americanos suele hablar de
“imperio” en vez de “monarquía compuesta”54. Las Américas eran una parte importante y
económicamente esencial de dichas dos monarquías, sobre todo en caso de la hispánica.
Por lo tanto sería de gran importancia investigar el verdadero encaje de dichos territorios
en la monarquía hispánica y británica.
REFERENCIAS
Asch, Ronald. “Die Stuart – Monarchie als composite monarchy: Supranationale
Staatsbildung in Großbritannien und Irland im 17. Und frühen 18. Jahrhundert”.
En Hans J. Becker (Ed,). Zusammengesetzte Staatlichkeit in der Europäischen
Verfassungsgeschichte. Berlin: Duncker & Humblot, (2006): 141-170.
Bagge, Sverre. “Nationalism in Norway in the Middle Ages”, Scandinavian Journal of
History 20 (Londres, 1995): 1-18.
Bosbach, Franz. “Mehrfachherrschaft – eine Organisation frühmoderner Herrschaft”. En
Michael Kaiser & Michael Rohrschneider (Eds.), Membra unius capitis. Studien
zu Herrschaftsauffassungen und Regierungspraxis in Kurbrandenburg (1640-1688).
Berlin: Duncker & Humblot, (2005): 19-34.
51
Russell, p. 32.
52
Pérez Bustamante, Rogelio.“La Francia del Antiguo Régimen: vocación uniforme y diversidad jurídica e institucional”.
En Conrad Russell y José A. Gallego (Eds.), Las monarquías del antiguo régimen, ¿monarquías compuestas? Madrid: Editorial
Complutense, (1996): 123.
53
54
Ibídem, 123-124.
Elliott, John. Empires oft he Atlantic world: Britain and Spain in America, 1492-1830. New Haven: Yale University Press,
2006; Elliott, John. Imperial Spain 1469-1716. London: Penguin Books, 2002.
95
 Matthias Gloël Las monarquías compuestas en la época moderna: Concepto y ejemplos

Cardim, Pedro. “La jornada de Portugal y las Cortes de 1619”. En José Martínez Millán y Koenigsberger, Helmut. “Monarchies and parliaments in early modern Europe. Dominium
Maria Antonietta Visceglia (Ed.), La monarquía de Felipe III. Los reinos. Volumen Regale or Dominium Politicum et Regale”, Theorie and Society 5/2 (Amsterdam,
IV. Madrid: Fundación Mapfre, (1999): 900-946. 1978): 191-217.

Hernando Sánchez, Carlos José. “Estar en nuestro lugar, representando nuestra propia
persona. El gobierno virreinal en Italia y la Corona de Aragón bajo Felipe II”.
En Emest Belenguer Cebrià (Ed.), Felipe II y el Mediterráneo. La monarquía y los
reinos (I). Madrid: Sociedad Estatal para la Conmemoración de los Centenarios de
Felipe II y Carlos V, (1999): 215-338.
Donézar Díez de Ulturrun, Javier. ”De las naciones-patria y la nación-patria. Del antiguo
al nuevo regimen”. En Antonio Álvarez-Ossorio y Bernardo García (Eds.), La
monarquía de las naciones. Patria, nación. Madrid: Fundación Carlos de Amberes,
(2004): 93-118.
Echevarría, Miguel Ángel. “Flandes en la Monarquía Hispánica”. En Conrad Russell
(Coord.), Las monarquías del antiguo régimen, ¿monarquías compuestas? Madrid:
Editorial Complutense, (1996): 113-121.
Elliott, John y de la Peña, José (Eds.), Memoriales y cartas del Conde Duque de Olivares. Tomo
I. Política Interior: 1621 a 1627. Madrid: Ediciones Alfaguara, (1978): 48-71.
Pérez, Joseph. “Castilla, Cataluña y la monarquía hispánica”, Manuscrits 15 (Barcelona,
1997): 158.
Pérez Bustamante, Rogelio. “La Francia del Antiguo Régimen: vocación uniforme y
diversidad jurídica e institucional”. En Conrad Russell y José A. Gallego (Eds.),
Las monarquías del antiguo régimen, ¿monarquías compuestas? Madrid: Editorial
Complutense, (1996): 123-132.
Robertson, John. “Union by incorporation. England, Scotland and Ireland 1603-
1801”. En Thomas Fröschl (Ed.), Föderationsmodelle und Unionsstrukturen. Über
Staatenverbindungen in der Frühen Neuzeit vom 15. zum 18. Jahrhundert. Viena,
Munich: Oldenbourg Verlag München, (1994): 104-118.
Schmidt, Peer. “Die Reiche der spanischen Krone. Konflikte um die Reichseinheit
in der frühneuzeitlichen spanischen Monarchie”. En Hans J. Becker (Ed.),
Zusammengesetzte Staatlichkeit in der Europäischen Verfassungsgeschichte. Berlin:
Duncker & Humblot, (2006): 171-196.

---------------. “Catalunya dins d’una europa de monarquies compostes”, Pedralbes 13 Torres, Xavier. “A vueltas con el patriotismo. La revuelta catalana contra la Monarquía
(Barcelona, 1993): 11-23. Hispánica (1640-1659)”. En Antonio Álvarez-Ossorio y Bernardo García (Ed.),
La monarquía de las naciones. Patria, nación y naturaleza en la monarquía de España.
---------------. Imperial Spain 1469-1716. London: Penguin Books, 2002. Madrid: Fundación Carlos de Amberes, (2004): 811-844.

---------------. Empires oft he Atlantic world: Britain and Spain in America, 1492-1830. New
Haven: Yale University Press, 2006

Gascón Pérez, Jesús. Alzar banderas contra su rey. La rebelión aragonesa de 1591 contra Felipe
II. Zaragoza: Prensas Universitarias de Zaragoza, ( 2010).

Gierowski, Jozef A. “Die Union zwischen Polen und Litauen im 16. Jahrhundert und
die polnisch – sächsische Union des 17./18. Jahrhunderts”. En Thomas Fröschl
(Ed.), Föderationsmodelle und Unionsstrukturen. Über Staatenverbindungen in der
Frühen Neuzeit vom 15. zum 18. Jahrhundert. Viena, Munich: Oldenbourg Verlag
München, (1994): 63-82.

Gustafsson, Harald. “Conglomerates or unitary states? Integration process in early modern

Denmark-Norway and Sweden”. En Thomas Fröschl (Ed,). Föderationsmodelle und
Unionsstrukturen. Über Staatenverbindungen in der Frühen Neuzeit vom 15. zum
18. Jahrhundert. Viena, Munich: Oldenbourg Verlag München, (1994): 45-62.

96 97
 166 Antonir¡ Bdt¡in (r. UNA REVOLUCION CIENTíFICA
tradictorias las actividades de Newton. En realidad, el problema tie.
ne que ver con Newton sólo colateralmente. Newton y sus activirlu.
BELTRAN es, en esteRevolución
des Antonio, científica, I*§ No todo lo que es cierutífico es necesariamente uerdadero, y no todo
caso, el campo de análisis de nuestras propias limitrr. lo que es falso es necesariamente no científico. El resultado
renacimiento e historia de la ciencia, Siglo
ciones categoriales. Es nuesffo XXI,aparato teórico el que está cn ti
científico puede ser visto ahora como no estando de acuerdo
Madrid, 1995
cuestión. con la realidad física, pero puede haber estado de acuerdo con
Está claro que hay aquí una tensión ente 1o general y lo particu. lo qúe efitonces era considerado la realidad física y puede haber
lar. Aquí se concreta en las dualidades épocas-individuos, mentaliclrr. sido hallado, no por pura especulación, sino por observación y
des-mentes. Pero no es independiente de otra tensión a la que aludi. pensamiento consistente. [Cursiva en original].
remos en el siguiente capítulo, que quizás puede ayudar a plantear cl
R. Hooyraas. «Pitfalls in the historiography
presente tema con mayor claridad.
of geological sciences>>.
Histoire et Nature, nitm. 19-20 (1981 1982), pp.21 36.

SEGUNDO BALANCE: EL MODELO HISTORIOGRÁPICO NP KOYRÉ

Bajo las expresiones contifiuismo-lapturismo hemos examinado hasta

aquí distintas polémicas y algunas de sus ramificaciones que han
constituido buena parte de la historio grafía de la ciencia en este siglo.
Nuestro análisis crítico nos ha llevado a la necesidad de una caracte-
rización de la nc como constituida por dos grandes rupturas: una en-
re la Edad Media y el Renacimiento, es decir, entre el marco aristo-
télico escolástico y el mágico naturalista del Renacimiento; y ota
entre este marco mágico naturalista y la ciencia moderna. Siguiendo
las premisas de los historiadores que postulan una u otra ruptura, o
las dos, hemos mostrado que este esquema interpretativo exigía una
mejor caracterización de ese estadio cenrral de la nc que es el Rena-
cimiento científico, entendido tanto en el sentido de un periodo cro-
nológico acotable con cierto margen entre 1450 y 1600, como en el
sentido de un marco mental diferenciable de los otros dos y que
dominó durante un tiempo entre ambos.
Creo que ésta ha sido una tradición sumamente fructífera y ha
dado algunos de los trabajos más influyentes en el campo de la histo-
riografía de la ciencia, en el momento en que ésta empezaba a consti-
tuirse como una disciplina institucionalmente aceptada y empezaba a
producir profesionales del campo. Tal como la hemos descrito aquí y
como es frecuentemente aceptado, Koyré puede ser visto como el
máximo representante de esta tradición historiográfica y no sería ex-
cesivo llamarla radición o modelo koyreano. Buena parte de los his-
toriadores más influyentes de los últimos cuarenta años han recono-
168 Antonio Beltrán
cido sus trabajos como el modelo aimitar. En mi opinión, aunque se
hayan abierto nuevas perspectivas no cabe aún hablar en pasado y
todavía constituye un admirable modelo que puede seguir produ-
ciendo frutos. Pero el desarrollo de sus virtudes pone de manifiesto
también sus limitaciones y problemas y, a modo de balance, debemos
referirnos a algunos de ellos que me parecen especialmente impor-
tantes. El primero de ellos hace referencia al sentido de la expresión
«ciencia moderna,r.
La nc plantea parula historiografía de la ciencia distintos tipos de
problemas que pueden indicarse poniendo el acento en una u otra
parte de la expresión. Podría decirse que, hasta este momento, y aun-
que resulta muy difícil hacer una distinción esticta en este sentido,
hemos hecho hincapié en los problemas que planteaba la afirmación
de una Reuolución Científica. Pero también se plantean importantes
problemas a los que podríamos aludir acentuando ia otra parte de la
expresión: ¿por qué decimos que es una Revolución CientíJica?
Evidentemente, podría objetarse más que contestarse, porque
con esa expresión se alude al nacimiento y desarrollo de la ciencia
moderna. Es cierto que así se inffoduce un replanteamiento crucial
del problema. Conta io que pudiera parecer, en nuesro plantea-
miento, como historiadores, no tendremos que elaborar un criterio
de demarcación entre la ciencia y la no ciencia r, sino tratar de delimi-
tar qué se entiende en la historiograÍía por «ciencia moderna». Cuan-
do 1o planteamos en estos términos, al punto nos damos cuenta dc
que eso nos lleva exactamente a lo contrario de lo que pretendían l<ls
filósofos de ia ciencia neopositivistas o popperianos con su criterio
de demarcación.
Por el contrario, como hemos dicho, y podemos ver reiterada-
mente afirmado en distintos historiadores, entre los siglos xv y xvll
cíencia y filosofta podríamos incluir también \a teología natural, y la
-y
metodología- no están claramente diferenciadas. El lento proceso dc
diferenciación empezará precisamente, en el siglo xvII. Pero entonccs
I Como es bien sabido, durante muchos años, éste se consideró un probleml
crucial de la filosofía de la ciencia, especialmente entre los iniciadores del prograrnt
formalista de filosofía de la ciencia. Ahora, algunos de sus herederos estructuralist¡u
minimizan el interés del problema, cuando no lo rechazan sin más. Si partimos dcl
supuesto de que hay uvas, yo entiendo que uno tenga repetidos cólicos por comerlttt
verdes y que eso le haga aborrecerlas. Pero, dado que esto no es unarazón suficientc,
lo que hay que justificar es 1a idea de que las uvas no madurarán o por qué ahora ¡c
afirma que no hay uvas.
IJ na reuoluuón científica
169
aún no existen facultades de ciencias y humanidades, ni se distin-
guen «dos culturas»> como ha podido hacerse en nuestro tiempo.
Más
aún, los que consideramos los nuevos científicos no oponen .r., n.r.rru
ciencia a la vieja filosofía, sino una noeva
filosofía a oira vieja. su al-
ternativa, además de las que comportan sus teorías concretas, a veces
es- pfanteada explícitamente como una alternativa de
caráctei global.
El saggiatore de Galileo consrituía un elemento más en er inteito de
los nouatori de desarrollar, un programa filosófico cultural _y de po
Iítica cultural- global, akernativo al aristotélico-jesuítico do-inu.
te2. Por otra parte, es bien conocido que a Descartes ni siquiera se le
ocurrió pretender ser el más grande científico a costa de dejar de ser
filósofo. Por el contrario, lo que quería era ser un nuevo Aristóteles.
Podríamos extendernos en otos ejemplos significativos, como el trtu-
lo de la opus maior de Newton, donde r" ro, habla no de «ciencia»,
sino de <<filosofía natural». Pero, de hecho, hoy nadie pone en duda
esta circunstancia. Ahora bien, el que nuesra idea de ciencia sea más
estrecha y/o más precisa que la de1 siglo xvr o xvrr no convierte en im-
posible el hacer historia de la ciencia, sino que simplemente, aunque
no
es poco, nos obliga a haceila de determinada manera. precisaÁente,
esta diferencia es, 1o hemos visto, la principal razóo de que algunos
historiadores de la ciencia insistan r.ru y ot., vez en qrr.-p".u"hirto-
riar la nc debemos hacer historia d.e la ciencia. Ero p,r.d. significar,
como máximo, hacer historia de 1o que nos interesa a nosotos
toria de la ciencia- pero sin olvidar cómo lo hacían y entendían-his-
ellos
sea sin olvidar la historia. Y, como es obvio, eso nos sitúa en el
-o
lado opuesto del problema filosófico del criterio de demarcación.
_ F.n las polémicas que hemos revisado den*o de la histori ografía
de la ciencia pueden encontrarse, dependiendo del cont"rto,"muy
distintas acepciones de <<ciencia modeina,r. pero creo qr., ..t." lo,
múltiples referentes de la expresión, pueden distinguirse dos básicos
que ya han aparecido una y ottavez en nuestra exposición a lo largo
de los capítulos anteriores. En efecto, hemos visto que los contin.r"is-
ras, viejos o nuevos, aceptaban sin demasiado análiiis crítico la ima-
gen según la cual la ciencia moderna se caracterizaba por t¡ método.
Así pues, en esta acepción, <<ciencia moderna>> no designaría tanto un
conjunto de conocimientos como el modo o método d1 conseguirlos.
2
,leo u Puede verse al respecro, P. Redondi 1990. Eso no excluye, claro está, que Gali_
otros nuevos científicos introdujeran numerosás teorías concretas. pero veíar,
(stas teorías como formando parte de una alternativa
teórica y cultural global.
 U,
170 Antonio Beltrán
Los rupturistas, también Io hemos visto, acusaban a esta concepción
de simplista. A 1o sumo, el método podía considerarse uno de los ele-
mentos de la ciencia moderna pero, como offos elementos, formaba
parte de un marco teórico más amplio que le daba sentido. En esta
segunda acepción, 1a expresión «ciencia moderna,, hace referencia no
ranto a un conjunto de conocimientos, ni a un método para conse-
guirlos, sino a algo más global que incluyc a ambos, algo que qoizás
podríamos llamar una nueva filosofía natural, que es 1o que da senti-
do a los elementos, por la función que juegan en la esÚucturar.Si
queremos concretar más, podemos decir que ia ciencia moderna, en-
tendida como una nueva filosofía natural, es el mecanicismo.
Como vemos, tanto los continuistas como los rupturistas, a pesar
de las diferencias radicales que los separan, tienen en común el he-
cho de que unos y otros entienden por «ciencia moderna,> algo dis-
tinto de una u otra disciplina concreta, algo distinto de una deter-
minada ciencia o grupo de ciencias, diríamos nosotros. Y por
consiguiente, historiar la nc, el nacimiento y desarrolio de la ciencia
moderna no consiste únicamente en hacer historia de la astronomía,
de la física, de la biología, etc., sino en algo distinto de eso o, por lo
menos, en algo más que eso. En esta perspectiva es abolutamente ne-
cesario, en efecto, tatar de delimitar claramente, o bien el método
científico, o bien los marcos que se suceden en el nacimiento y trans-
formación de la ciencia moderna, y a ello hemos aludido en capítulos
anteriores, tratando de indicar un posible camino de mejorar esa de-
limitación. Dicho muy sintéticamente: si hablamos de nc y por tanto
hacemos historia de la crencia, debemos insistir en dos elementos:
por una parte, debemos reconocer la legitimidad y validez cognitiva
del hermetismo durante el Renacimiento y buena parte del siglo xrrtt;
por otra, debemos afirmar la radical distancia que separa al hermetis-
mo y a la nueva ciencia como sistemas teóricos.
Como hemos visto, ya Koyré destacó el hecho de que ei des-
acuerdo enÍe continuistas y rupturistas no era tanto un desacuerdo
sobre hechos, sino sobre la concepción de la ciencia de 1a que se par-
tía, es decir, era un desacuerdo sobre filosofía de la ciencia. Pero fue
especialmente Kuhn quien, yendo mucho más allá de esa toma de
conciencia, desarrolló las consecuencias en el ámbito que le co-
rrespondía. En efecto, la filosofía de la ciencia que se desarrolló
J lr.n tLlinitiv¿ lo que hoy llamaríamos un paradigma en el sentido más lato tlcl
l( r'r)riil(), rrl (luc hcrn()s aluc]iclo cn el capítulo anterior.
'
U na reuo lución científica 17t
enla década de los sesenta, se cenrraba enl^ dinámica del desamollo
científico y, especialmente, en las discontinuidades y rupturas que
éste presentaba. Se abrió así una perspectiva que ponía en cuestión
algunos de los puntos centrales de la concepción del propio Koyré.
De este modo, el interés de la historiogtafíade la ciencia se desplazó
hacia offos aspectos del problema, que son los que aún se discuten
hoy.
A la hora de hacer historia de la nc es posible, incluso necesario,
como se ha dicho, salirse de las ciencias concretas y hacer historia de
la ciencia. Hacemos justicia asi es el argumento fundamental, a las
concepciones de los hombres de los siglos xvr y xvrr, o del pasado en
general, y no nos dejamos caer en Ia tentación anacrónica de proyec-
tar nuestras propias concepciones. Ahora bien, es evidente que re-
sulta no sólo legítimo, sino absolutamente necesario, desde la his-
toriografía de la ciencia, esrudiar por ejemplo, el desarrollo y
tansformaciones en la astronomía de los siglos xvr y xvrr) o en la físi-
ca, o en la biología o ciencias de la vida; es decir, escribir historias de
las distintas ciencias. Aun en el caso de la perspectiva más interdisci-
plinar y global, la historia de la ciencia exige el estudio detallado de
las distintas teorías y disciplinas particulares. De hecho, un autor
como Koyré ha podido afirmar Ia transformación global, el cambio
de mentalidad en que consiste la Rc precisamente a partir de su deta-
l1¿do estudio de la astronomía y de la física. Y, efectivamente, por
muy atentos que estemos a evitar la descontextualización y sea cual
sea la causa última de estos cambios, apenas iniciamos nuestro estu-
dio de la nc, se hace claro que la asrronomía desde Copérnico, y la fí-
sica desde Galileo, hasta Newton, jugaron un papel fundamental, fue-
ron ciencias protagonistas en las grandes Úansformaciones culturales,
en el cambio de marco mental. Después de todo, el mecanicismo es
algo así como la exaltación de la mecánica. Y tanto la cinemática
como Ia dinámica modernas, que son partes de la mecánica, se desa-
rrollaron a partir del heliocentismo y el movimiento de Ia Tte.ra
afirmados por Copérnico. Si, efectivamente, la Tierra se movía, ningu-
i no de los movimientos de cualesquiera cuerpos en relación al giobo
terráqueo tenía sentido. O, dicho de otro modo, la teoría copernica-
na, con el movimento terresffe, sólo podía aceptarse si se conseguía
elaborar una nueva explicación de los movimientos de los cuerpos,
tanto teffesÍes como celestes, y de sus causas4. No hay duda de quc
a Si la Tierra ya no ocupaba el centro del universo, que era cl lu.q,t tt,t/trul l,.l
 U
¡
t72 Antonio Beltrán
en estas ciencias, las ffansformaciones fueron profundísimas, radtca-
les. Pero, hubo ciencias y campos de estudio, como la ciencias de la
vida o, en general, la mayoría de los ámbitos de la Historia Natural
que no tuvieron tal papel protagonista. Incluso podría decirse que al-
gunos de estos campos más bien sufrieron la irrupción del mecanicis-
mo y la nc. Ésta no es una simple observación reffospectiva, pues ya
en el propio siglo xvu tuvo lugar una polémica fundamental sobre los
Iímites del mecanicismo y el modelo de explicación que representa-
ba. De hecho la recepción y techazo del mecanicismo cartesiano en el
mundo británico y las transformaciones que éste sufriría hasta conso-
lidarse e¡ el mecanicismo newtoniaruo pueden verse, no sólo como una
reacción básicamente teológica, sino también como una protesta y re-
acción ante las pretensiones de universalidad de1 mecanicismo carte-
siano. ¿Cómo podía ei «ciego azarr>,la «estúpida materia>>, producir
algo tan complejo, tan maravilloso, como la vida y los fenómenos del
mundo de lo orgánico en general? Es una pregunta que encontramos
una y oÚa vez en textos importantes de la Inglatema de la segunda
mitad del siglo xvu5. Pero aunque, en mi opinión, la perspectiva de
unas ciencias que protagonizarr la nc y otras que la sufren puede ser
válida, creo también que, como otros temas a los que nos hemos re-
ferido, debe someterse previamente a una importante distinción kuh-
niana que ya es hora de comentar.
Efectivamente, el estudio de los problemas planteados hasta aquí,
llevó a T. S. Kuhn a introducir una distinción y, con elia, ciertas tesis
e indicaciones que resultan fundamentales y permiten plantear mu-
chas cuestiones, hasta ahora simplemente confusas, en forma de pro-
blema soluble. Se trata de la distinción que, dentro de las ciencias de
la oaturaleza, hace Kuhn entre las ciencias clásicas o matemáticas y las
ciencias baconianas o experimenta/e¡ en su artículo «Mathematica/versus
Experimental Traditions in tbe Deoelopment of Physical ScienceȒ. Kuhn
llama ciencias .,clásicas, a aquellas que, en el siglo xvII, ya tenían una
elemento más pesado, ¿por qué los cuerpos pesados caía¡ hacia el centro de la Tie-
rra? Y si el mecanismo de universo no funcionaba impulsado por el primer motor
aristotélico, ¿qué era lo que movía a la Tierra y a los demás planetas alrededor del
SolT
t 1650, pero se orgaoizarían en distintas ciencias naturales sólo mucho
Puede verse al respecto E. Pacchi 1971.
ó Hoy traducido como «La tradición matemáticá y la tradición experimental en
el desarrollo de la física», en Kuhn 1981, pp. 56,90. Se trata, en mi opinión, del ar.
tículo más importante, escrito desde hace muchos años, sobre la historiografía dc
Irr I{( l.
U na reuolación científica t7)
Iarga tradicién y que desde la antigüedad eran cultivadas por especia-
listas: la astonomía, la estática, la óptica, armonía y matemática. Esta
última, dominada por Ia geomeúia, er^ la que caructerizaba y daba
unidad a todo el grupo, que era practicado, como un conjunto fuer-
tcmente unido, por los mismos individuos. A estas se uniría un cam-
po más, la te<¡ría del movimiento local que, a raíz del análisis medie-
val, en el siglo xvt se convirtió en un campo autónomo.
Pues bien, respecto a este conl'unto de las ciencias clásicas, Kuhn
hace dos observaciones que, cuando se ponen en relación con su ca-
racterización de ias ciencias experimentales, resultan fundamentales.
En primer lugar, destaca que, tanto en la Antigüedad como durante
ia nc, los practicantes de estas ciencias ciásicas realizaron, con pocas
y notables excepciones, pocos experimcnros y observaciones minu-
ciosas. En segundo lugar, las transformaciones radicales que caracte-
rizaron la RC se dieron precisamenre en esras ciencias clásicas que,
durante los siglos xvl y xvtl <<fueron reconstruidas desde sus cimien-
tos)>, pero los otros ámbitos de las ciencias naturales, las ciencias ba-
conianas, no experimentaron transformaciones semejantes.
Por tanto, si uno piensa en la Revolución Científica como una revolución
de ideas,lo que tiene que tratar de entender son los cambios en estos cám-
pos tradicionales, quasi-matemáticos. Aunque, durante los siglos xvr y xvn)
a 1as ciencias también les sucedieron otrás cosas de importancia vital (la
Revolución Científica no fue meramente una revolución mental), resulta-
ron ser de clase distinta y hasta cierto punto independienteT. fCursiva en
original.l.
En cuanto a las <<ciencias baconianas», lo primero que cabe decir
es que no sólo no tenían urla larga tradición, sino que incluso a prin-
cipios del siglo xvu prácticamente no existían como tales ciencias.
Simplemente empezaban a organizarse en los a veces muy burdos in-
tentos de las historias naturales baconianas. El estudio de fenómenos
relacionados con el magnetismo, la elecricidad, la termometría, o los
que nosoffos ubicaríamos en la química, y de muchas otras cuestio-
nes enraizadas en el mundo artesanal y técnico, se desarrollaron
enormemente a lo largo del siglo xvu y especialmente a partir del
más tarde, en la segunda mitad del siglo xvrrr o en el xrx. La caracte-
7 Kuhn 1981, p. 66. Puede verse el original en Kuhn 1977, p. 41. Da<Jo Lr rlt.sus
troso de la traducción castellana, también citaré siempre la version originrl.
 f
r74 Antonio Behrán
rística fundamental de estos campos de estudio era su carencia total
de teorías mínimamente articuladas de modo que pudieran someter-
se a contastación empírica8. En un principio, por tanto, las «ciencias
baconianas>> no aportaron otra cosa que inventarios de efectos expe-
rimentales desconocidos hasta entonces. Por tanto, si a lo sumo
estaban empezando a constituirse, estas ciencias baconianas difícil-
mente podían sufrir profundas ransformaciones como las que expe-
rimentaron las ciencias clásicas. Pero, como es bien sabido, además
iban arropadas por una auténtica campaña en favor de la importancia
del experimento, de ahí que ese coniunto de quehaceres se reuniera
bajo el rótulo de «filosofía experimental»> o <<física experimental>>. Si
las ciencias clásicas eran matemáticaq las baconianas, como su nom-
bre indica, etan experimentales, o eran con1'untos de experimentos que
aspíraban a organizarse en ciencia. Pero sus practicantes, encabeza-
dos por Bacon, pensaban que más valía experimento sin teoría que
teoría sin experimento. Con la cantidad de errores que la historia de
la filosofía había acumulado, 1o primero que había que hacer era ha-
cer acopio de hechos, lateoúa ya vendría después. De ahí que Bacon
pudiera rebajar el nivel de exigencia en la preparación que se necesi-
taba para contribuir al desarrollo del conocimiento. Para recolectar
fenómenos más o menos llamativos, nohacía falta un talento especial
y, además, su método conffibuiría a democratizar la inves tigación
científica.
Pues bien, esta distinción intoducida por Kuhn permite ahora
afrontar el tema de la importancia del <<método experimental» y de
un <<nuevo modo de pensar)>, del siglo xvII, de un modo más adecua-
do y menos maximalista. Se puede hablar, como Koyré por ejemplo,
de la nc como uná transformación conceptual porque, efectivamente,
ésta se dió: en las ciencias clásicas. Pero también hay que reconside-
rar el papel del <<método experimental>> en términos más ajustados.
Ya no parece adecuado hablar del método experimental o del recur-
so a la experiencia sin más, frente a la pura especulación, perpetuan-
do un planteamiento que, efectivamente, se dio en el siglo xvrr. Fren-
te a los que, continuando una retórica del siglo xvrr, pretenden que
8 Como comenta Carlos Solís: <<En el caso de las áreas baconianas. la
ausencia de
teorías precisas hace que la investigación se vea presidida por marcos conceptuales fi-
losóficos muy vagos y generales (el cartesianismo, el atomismo, el mecanicismo, el
hermetismo), incapaces de establecer un nexo firme con los fenómenos para predecir
o prohibir taiantemente situaciones de hecho bien especificadas». véase la «Introduc.
ción>> a la antología de textos de Robert Boyle 1985, p.22.
Una reuolución científica 175
con la RC se toma conciencia y se propugna la necesidad de la experi-
mentación, Kuhn insiste en que, en la RC, esa <<filosofía empiristá no
era ninguna novedadr>; y tras recordar que aunque se diera un au-
mento importante de la experimentación, lo más decisivo aún son
«las diferencias cualitativas entre las antiguas y las nuevas formas de
experimentación»> e, añade Kuhn:
Los protagonistas del nuevo movimiento experimentalista, a menudo llama-
dos baconianos debido a su principal propagandista, no únicamente amplia-
ron y elaboraron los elementos empíricos que ya estaban presentes en la ffa-
dición de las ciencias naturales clásicas. En lugar de eso, crearon una clase
de ciencia empírica diferente que, en lugar de suplantar a su predecesora,
durante un tiempo coexistió con ella 10.
Cabe, efectivamente, diferenciar el papel del experimento en una
y otra tradición. En las ciencias clásicas el experimento podía ser de
distintas clases y tener distintas funciones, y no siempre .i fá.il d.t".-
minar en cuál de ellas debemos incluir un determinado experimento.
El <<experimento mental», en el siglo xvn, ya tenía r.ru ü.gu t.udi-
ción, como hemos mencionado. En cualquier caso, en las ciencias
clásicas, el experimento podía tener la función de confirmar una pre-
dicción teórica, o bien de responder a pregunras planteadas poi lu
teoría. En las ciencias baconianas, por el conffario, los experimentos
no tienen la función de fortalecer teoría alguna, ni ejemplifican nin-
guna ley,
sino que al modo expuesto por Bacon para las historias naturales, constitu-
yen genuinos experimentos de exploración de una ¡atttaleza cuyo compor_
tamiento resulta impredictible; son experimentos heurísticos, genuinas pre-
guntas a la natttaleza cuyas respuestas se arrancun , ,aa", con violen-
cia, obligándola a ponerse en tesituras en las que ella normalmente no se
sitúa 1 1.
Durante la RC, y en gran medida hasta el siglo xrx, las ciencias
clásicas y las baconianas constituían dos tadiciones independientes e
incluso opuestas 12. Así pues, dice Kuhn, cabe aceptar que
e Kuhn 1981, pp. 66-67;Kuhn 7977, p. 42.
L0 lb¡d.
rl Carlos Solís en su «Introducción,> a Boyle 1985,p.22.
12 como es bien sabido Bacon se oponía no sólo a las matemáticas sino a ra pr..
pia estructura deductiva de las ciencias clásicas. Por otra parte, Kuhn señala la clxis

176 Antonio Behrán
Con todas las reservas debidas, algunas importantes, resulta que Alexandre
Koyré y Herbert Butterfield estaban en lo cierto. La transformación de las
ciencias clásicas durante la Revolución Científica es atribuible, con más
exactitud, a nuevas maneras de contemplar fenómenos ya estudiados, que
11.
una sucesión de descubrimientos experimentales imprevistos
En mi opinión, cabe introducir un matiz. Para Koyré la Rc es pre-
cisamente la ffansformación de 1as ciencias clásicas. Y las reservas
más importantes a que alude Kuhn, serían debidas precisamente a
que no distingue una cosa de otra o, dicho de otro modo, a que Koy-
ré simplemente no acepta Ia existencia de las ciencias baconianas. Y
así Io prueba, creo, la valoración que hace Koyré de la aportación de
Bacon a la nc o más bien de su falta de aportaciones. Kuhn sostie-
ne que la infuavalorución que Koyré hace de Bacon es el <<resultado
de considerar las ciencias como una>>. Puede que éste sea un modo de
decirlo, pero puede resultar equívoco 14. Yo creo que resulta más
exacto decir que Koyré deliende unafilosofía de la cíencia que no in-
cluye las actividades desarrolladas en el siglo xvII, en el programa ba-
coniano, denffo de la ciencia, que no las considera como ciencias. La
identificación que hace Koyré ente RC y transformación de las cien-
cias clásicas se basa en su firme creencia, defendida en numerosas
ocasiones: «Creo que la ciencia, la de nuestra época como la de los
griegos, es esencialmente tbeoria>> lt. Cuando Koyré habla de Bacon
como del <,heraldo, el buccinator [tompetero] de la ciencia moderna,
no uno de sus creadoresr>16, no ignora el papel que éste tiene entre
tencia de grandes escepciones como Galileo y Newton que, con todo, a pesar de par.
ticipar en las dos tradiciones, no constituyen contraejemplos de su separación. Veasc
Kuhn 1981, pp. 7,1 ss.; Kuhn 1977, pp.48 ss.
rr Kuhn 19ü,p.71 Kuhn 1977, p.46.
ra No se trata, en mi opinión, de que Koyré no distinga las distintas ciencias y ac"
tividades que se dieron históricamente en el siglo xtaI. Es cierto, por una parte, quc
Koyré valora como especialmente importante el ..nuevo modo de pensar» que se in.
troduce en el siglo xvtt, llamémoslo rnecanicismo, que no es atribuible a una u otra dc
las ciencias individuales clásicas. Así pues, Koyré considera las ciencias clásicas com,r
una en el sentido de que son las responsables de la introducción de una nueva ima-
gen de la naturaleza, del hombre y de Dios, de una nueva concepción del ser y dcl
conocimiento. Si es que en estas cuestiones pueden trazarse fronteras, quizás cabrin
decir que el planteado es un tema historiográfico. Por otra parte, la afirmación rlc
Kuhn puede entenderse en e[ sentido que a continuación desarrollamos en el texto,
que constituiría un tema más netamente filosófico.
lt Koyré l9l7,p.)85.
16 Koyré 1977,p.151.
?
Una reuolución científica ü7
los filósofos experimenralistas de Inglarerra, no ignora la labor que se
está llevando a cabo en la confección de la historia narural baconia-
na, simplemente no considera que eso sea ciencia. De hecho, Koyré
a nos lo dice así en multimples ocasiones. Afirma, por ejemplo, quá si
Newton triunfó en la óptica y Boyle o Huygens fracasaron Írr. uio.o
consecuencia de la insuficiencia de su filosofía de \a ciencia
mada de Bacon»>r7. Pero Koyré es aún más contundente y claro: -to-
Sin embargo, sea cual sea la importancia de los nuevos <,hechos, descubier-
tos y reunidos por los uenatores,la acumulación de un cierto número de ohe-
chosrr, es decir, una pura colección de datos de observación o de experien_
cia, no constituye una ciencia: los <,hechos, deben ser ordenados,
interpretados, explicados. Dicho de otro modo, hasta que no se somete a un
tratamiento teórico, un conocimiento de los hechos no se convierte en cien-
cia [...] La experimentación es un proceso teleológico cuyo fin está determi-
nado por la teoría. El «actívismo, de la ciencia moderna tan bien advertidcr
actiua, operatiua- y tan mal interpretado por Bacon, sólo es la con-
-scientia
üapartida de su desarrollo teórico 18.
No se ffata, pues, de que Koyré trate las ciencias como una sola,
sino de que su filosofía de la ciencia es un tanto estrecha para abar-
car 1o que Kuhn ilama «ciencias baconianas». para ser juitos, cabe
cuestionar la exactitud de la expresión ciencias baconianas aplicada al
siglo xvIr. Desde luego, entonces, y el propio Kuhn 1o ,.ñulu, .ro
estaban constituidas como conocimiento organizado, como las cien-
cias que pasarían a constituir después. Pero si continuamos la refle-
xión por este camino
-el precepto
zación, tan caro a Koyré-
historiográfico de la contextuari-
nos vemos obligados a reconocer como
más importantes las limitaciones de las tesis de Koyré.
Si Kuhn tiene razó¡ frente a Koyré, como creo que la tiene, es no
sólo por la mayor amplitud de su perspectiva filosófica, sino también
porque la afirmación de Koyré, por más elaborada que esté filosófica-
mente, es incorrecta históricamente. Es evidente que, aproximada_
mente desde mediados del siglo xvrr, y no sólo en la Ingláterra de la
Royal Socíety, aunque más en las islas británicas que en el Continente,
las «ciencias baconianas» de Kuhn eran considéradas como Ia t*ea
17 Koyré 1917,p.6. Resulta
muy interesante comparar estas afirmaciones de Koy-
ré con los comentarios que hace Kuhn al respecto en Kuhn 19ü,p.75;Kuhn 197i,
1,.50.
lE Koyré 1977,p.275.
t78 Antonio lldtr'ln
fundamental de la comunidad científica 1e. Sea cual sea la limitaci<tn rr
esterilidad que nosoffos podamos criticar en esta labor, aunque
podamos discutir que su tabajo fuera en reaiidad tan fielmente bg,
coniano como sus declaraciones dan a entender, el hecho es quc h
cientificidad, el status gnoseológico de esta labor experimental nrr
eran puestos en duda ni por un momento. Más aún, eran precisamcn.
te esas actividades las que, a finales del siglo xvtr y buena parte rlel
xvIII, constituían el modelo de conocimiento, de ciencia. Con lo quc,
por una parte, hay que decir que, bistoriognificarnente, la tesis rle
Kuhn es intachable. Por ora, hay que reconocer que, despuér
de todo, también la filosofía de la ciencia de Koyré era una filosofía cle
la física matemática.
En cualquier caso, es evidente que la distinción kuhniana de lnr
ciencias de la nc permite pensar la ol:ra de Bacon de modo más equi.
librado. Su papel en 1as transformaciones conceptuales de la nc fuc
más bien nulo, pero su importancia en Ia constitución de toda un¡r
serie nueva de disciplinas que, andando el tiempo completaría el
marco de nuestrd física, fue fundamental. Esa perspectiva kuhnianrr
permite, además, apreciar en su justo valor la imagen de Bacon como
una figura de transición enffe el mago renacentista y el nuevo cientí.
fico, si entendemos a éste último como <rfilósofo experimental», ejem.
plificado por Boyle. De hecho, como decíamos, la distinción kuhnia.
na puede replantear en términos más adecuados muchas de la¡¡
polémicas formuladas por las tesis globales sobre la nc. El propio
Kuhn apunta la posible operatividad de su distinción en polémicari
como Ia influencia del hermetismo en la ciencia o ciencias de la Rc20,
Por otra parte, parece claro que sus tesis se muestran sumamentc
adecuadas para reubicar las tesis de Merton y su campo de aplica.
ción. Como es sabido, con los estudios de M. §leber y R. K. Mer.
1e Piénsese en los distintos proyectos el de Huygens para la futura Aco.
-comode academias científicas o en las
démie des Sciences de París- para la fundación
dc.
claraciones programáticas de éstas las de la Royal Society como las de la Acl.
-tanto
démie des Sciences de París. Aunque haya diferencias entre las prácticas de amba¡
instituciones, en sus declaraciones siempre destacan con ahinco de picador que la la.
bor a rcalizar por la comunidad científica consisre en la exploración de la naturalezo
I
para acumular hechos. Sólo cuando se hayan reunido los suficientes, se podrá empc.
zar a pensar en elaborar teorías.
20 Cabría ver hasta qué punto el interrogante de Kuhn respecto
a la relación entrc
la tradición baconiana y la de las ciencias clásicas puede inter-relacionarse con la prc.
gunta de Rattansi u otros por la relación de los conceptos de la alquimia con la mc.
cánica, a la que aludíamos en el capítulo anterior.
J
I I na reuolución científica 179
ton2r se estableció una relación estecha entre el ethos protestante y
cl nacimiento de la ciencia moderna, especialmente en Inglaterra. Es-
tudios posteriores han comegido las tesis de Merton. Después de
todo, es obvio que también los países y científicos católicos
-ltalia,
Iirancia, Galileo, Descartes- en los que obviamente no operaban los
elementos del puritanismo destacados por Merton, también se hicie-
ron aportaciones fundamentales a la nueva ciencia22. Pero el caso de
las ciencias baconianas que, además, tuvieron un especial éxito en In-
glaterra, parece que es un ámbito en el que se puede hacer justicia a
la tesis mertoniana. Pero éste es un tema que, por más brevemente
que sea, merece un comentario aparte.
II. INTERNALISMO Y EXTERNALISMO: DENTRO Y FUERA ¿DE DONDE?
En 1918, un año antes de la publicación de los Estudios galileanos de
A. Koyré, se publicaba orra obra que también constiruye un punto
de referencia de una determinada directriz dentro de la historio grafía de
la ciencia. Se trata de la obra de Robert K. Merton, Ciencia, tecnología
y sociedad en la Inglatera del siglo xvnz3. Hoy es un estudio clásico,
que a veces es citado como el punto de referencia inicial más impor-
tante de la moderna sociología de la ciencia. El rabajo de Merton te-
nía antecedentes, por 1o demás bien conocidos24, hasta el punto de
que A. R. Hall ha podido ver el trabajo de Merton como ia culmina-
ción de una tradición más que como el principo de una tradición
nueva. Pero 1o cierto es que esta obra de Merton fue la más impor-
tante en su línea, y constituye el punto de referencia obligatorio al
comentar el externalismo. La tesis de su libro es en realidad doble v
21 M. \X/eber 1969 y R. K. Merton 1984.
22 Puede verse la crítica de A. R. Hall. <<Merton Revisited or Science
and Society
in the Seventeenth Century», en LIistory of Science, 19$, pp. 1-16. Hoy recogido en
C. A. Russell (comp.) 1973, pp.55-7), donde también se recogen otros artículos de in-
terés para el tema.
2r El texto fue reeditado por Merton en 1970. La traducción castellana, Merton
1984, está hecha sobre esta reedición.
2a El modelo de relación entre infraestrucrura y superestructura postulado
por el
marxismo constituye un antecedente teórico claro. Un ffabajo clásico en este sentido
es el del historiador ruso Boris Hessen <<On the Social and economic roots of Neur
ron's Principia>> (i931). Véase Hessen 1971. Algo anterior pero más próximo teórica-
mente es el rabajo citado de Max 1ü7eber.
 ,t
180 Antonio Bel¡rán
responde a dos hechos que él destaca. Por una parte, Úata de expli-
car por qué se dió un crecimiento científico tan importante a media-
dos del siglo xvtt, en Inglaterra. La respuesta par^ Merton radica en
el impulso que el espíritu,el etbos puritano dio a la investigación cien-
tifica. El entramado de distintas doctrinas teológicas y las ideas sobre
el fin supremo de la existencia, <<1a glorificación de Dios», llevan al
puritanismo a valorar positivamente y estimular el utilitarismo social,
la búsqueda del éxito mediante el trabajo constante y metódico. Pero
además, para el puritanismo, el estudio de los fenómenos naturales se
convierte en un medio especialmente adecuado para mostrar la gloria
de Dios, estimulando e impulsando así el desarrollo científico. Por
otra parte, Merton intenta responder a la pregunta de por qué en
este crecimiento de la ciencia se hace un especial hincapié en las
ciencias físico-naturales. La respuesta, para Merton, estaría en las de-
mandas sociales que planteaban a los científicos los distintos campos
técnicos y artesanales, como la ingeniería, navegación, minería, meta-
lurgia, etc.2,, que sólo podían ser satisfechas por las ciencias físico-
naturales. De hecho, Merton fue cauteloso, o por lo menos ambiguo
en la formulación de sus tesis. Afirmaba la existencia de una esffecha
relación ente el puritanismo y el nacimiento de la ciencia moderna
en Inglaterra, entre las demandas tecnológicas y el mayor desamollo
de las ciencias físico-naturales, pero no quedaba claro de qué tipo de
relación se rataba exactamente26. Asíse 1o censuraba A. R. Hall, que
no creía que las tesis mertonianas fueran en absoiuto defendibles.
¿Cuando y en qué circunstancias se ve uno obligado a inferir que una deter"
minada parte de un mabajo científico fue hecho por alguna razón extracien.
tífica?27.
Y Hall, desde luego, no cree que la religión, la tecnología o la
economía constituyeran elementos relevantes para la ciencia moder.
na en el silgo xvtt, en el sentido afirmado por Merton u oros autorc§
más radicales como Zi1se128. Hay que reconocer que no resulta fácil
2t Para una y otra tesis puede verse respectivamente los capítulos wvu y del vtt
en adelante de Merton 1984. También lMerton 1977.
26 Aunque, 1o cierto es que muchos textos inducían a reflexionar que estaba pcn-
sando en una relación de tipo claramente causal.
,7 A. R. Hall 196), pp. 63-64.
28 Pueden verse los tres artículos de Edgar Zilsel publicados en 1940-41 en el
lournal of History of ldeas y reeditados posteriormente en Philip P. rüTiener y Aaron
Una reuolución científica 181
determinar con la clarid ad, quizás debería decirse con el tipo de cla-
ridad que exige Hall, el tipo de relación que pueda existir entre dis-
tintos aspectos de la ciencia y otro tipo de elementos, especialmente
si éstos resultan tan heterogéneos como los factores sociales o econó-
micos. Pero qoizás aquí sea aplicable y extensible el comentario de
Kuhn respecto ala precisión de algunos términos usados en la discu-
sión:
El rótulo que aplica Merton refiere a1 término puritano- quizás sea im-
propio, pero no hay duda de -se
que el fenómeno que describe sí existió2e.
En realidad, las tesis de Merton, en su momento, tuvieron muy
poco éxito y fueron rápidamente dejadas de lado. Ya hemos visto
que, por las mismas fechas de la publicación del libro de Merton, se
estaba empezando a desarrollar con fuerza un nuevo modelo historio-
gráfico que, prácticamente, dominaría el campo hasta los inicios de
su constitución como disciplina profesional. En 196), haciendo ba-
lance del estado del campo, A.R. Hall, tras hacer notar la ausencia
casi total de artículos de línea externalista, afirmaba:
Indudablemente, las explicaciones exrernalistas de la historia de 1a ciencia
han perdido su interés tanto como su capacidad interpretativa. IJna razón
de ello pude ser que tales explicaciones nos dicen muy poco de la ciencia
10.
misma
Pero en años más recientes, ha habido toda una serie de historia-
dores cuyos trabajos matizan, corrigen y desarrollan las tesis merto-
nianas. Los brillantes estudios de autores como Christopher Hill o
Charles B. \ü/ebster, M. C. Hunter, a los que podrían añadirse, enÚe
otros, ios de M. C. Jacob, han seguido esta línea estudiando la rela-
ción de distintos aspectos de la cultura, sociedad y política inglesa
del siglo xvrr y la nueva cienciarl.
Noland (comps.) 1971, pp. 228-289; asícomo su artículo «The Social Roots of Scien-
ce>>, en Tbe American Joarnal of Sociolog (1941-42), núm. 47, pp.544-562. Tesis más
ponderadas en este sentido, pueden verse en Paolo Rossi 1970, o Bertrand Gillc
1972.
2e Kuhn «La historia de la cienciar, 1968, hoy en Kuhn 1983, p. 140; Kuhn 1977,
pp. 115-116. El comentario de Kuhn alude al hecho de que muchas de las críticas <li- 1,fl
rigidas a Merton comenraban la ambigüedad del término <(purirano».
,u A. R. Hall 1963. p. 7t.
rr Ch. Hill 1980; Ch. \X/ebster 1975; M.C. Jacob 1c)7Q M. lIunter l9t]t. l,ls rlr.
I
I
t82 Antonio Beltnín
Pero el tema del externalismo, de la historiografía de la ciencia
externalista no se acaba aqui o quizás sería mejor decir que comienza
aqui pero no se sabe muy bien dónde se acaba. Es decir, la frontera
que separa la historia interna de la historia externa no está muy clara-
mente definida y es evidente que distintos historiadores utilizan dis-
tintos criterios fronterizos. Hemos visto que en la pregunta que plan-
teaba A. R. Hall se aludía no ya a las visiones sociologistas en
particular sino que se trazab^ una delimitación más global. La pre-
gunta que, sin duda, Hall consideraba un desafío insuperable habla-
ba de <<razones externas» sin más. Unas líneas más abajo consÚasta la
esterilidad de las directrices historiográficas mertonianas con la ferti-
lidad manifiesta del modeio del <<bistoriador intebctual»> cuyo ejemplo
paradigmático es Koyré. De esta manera, Hall identifica «historia inte-
lectual» con <<bistor¡a interna>>, cosa por 1o demás frecuente. Más aún,
Hall está usando una caracterizacíóo muy común del término <(exter-
nalismo» que 1o definiría del siguiente modo:
Teoría según la cual 1as circunstancias sociales, políticas y económicas afec-
ta¡ a1.a búsqueda del conocimiento de la nattraleza)2.
Creo que cabe aclarar que el externalismo así definido no exclu-
ye de ningún modo que la investigación científica se vea afectada por
otros factores, además de los mencionados. En concreto no excluye
ei papel posible de los disdntos ámbitos culturales, filosofía, reli-
gión, etc., en la ciencia; al contrario, usualmente estos elementos suelen
ocupar un papel cental en la historia externalista, y el caso de las te-
sis de Merton son un buen ejemplo. Pero el externalismo se intere-
sa especialmente por la ciencia en cuanto un fenómeno sociocultural
notar que, prácticamente todos ellos se han centrado en las ciencias baconianas en ln-
glaterra y, en cierto modo, pueden considerarse el desarrollo de la reformulación dc
las tesis de Merton atendiendo a la distinción kuhniana e¡tre ciencias baconianas y
ciencias clásica¡.
Cabe decir que, al margen de la evidencia que puedan aportar a las tesis hasta
aquí comentadas, hay otro tipo de relación que, en mi opinión, estos historiadores sí
han contribuido a dejar bien establecida. En efecto, creo que un libro como el dc
M. C. Jacob 1976 muestra la influencia de la ciencia, o de algunos aspectos de ésta,
sobre la sociedad o la Iglesia o algunos sectores de éstas, tan claramente o más que
la relación inversa.
r2 §7. F. Bynum, E. J. Browne y R. Porter (comps.) 1986. Así se inicia la entrada
<<externalismo>> e¡ este Diccionario de historia de k ciencia, aunque la continuación ma-
tiza ampliamente esta definición inicial.
I
t
l
,-l
U na reuolución científica 181
enffe offos, y no por la ciencia en cuanto conocimiento. Si consulta-
mos de nuevo el Diccionario de Historia de la Ciencia mencionado, nos
dice que el <<internalismo» es la
Teoría según la cual la ciencia es fundamentalmente una empresa intelectual
y absffacta, aislada de circunstancias sociales, políticas y económicas. Los
historiadores internalistas se centran en el estudio de 1os aspectos obviamen-
te intelectuales de la formulación y resolución de problemas relativos a la
comprensión y a1 control del mundo nafural)3.
Lo primero que debe destacarse respecto de estas definiciones,
que en el mencionado Diccionario están desarrolladas en excelentes
artículos, es el hecho de que tanto <<externalismo>> como «internalis-
mo>> son) ante todo, etiquetas creadas por los historiadores para ca-
racterizar y valorar el enfoque historiográfico propio o ajeno. Está
claro que, en numerosas ocasiones, estos términos constituyen el cali-
ficativo educado usado pára delimitar aquello que, desde la propia
perspectiva, en realidad se considera o bien totalmente marginal,
cuando no independiente, respecto ala historia de la ciencia (exter-
nalismo), o bien una concepción estecha y falseadora de la historia
de la ciencia (internalismo). En segundo lugar, ranto un enfoque his-
tórico de la cuestión como un recorrido por la historrografía de \a
ciencia actual muestra, en mi opinión, la relatividad de los criterios
por los que pasa la delimitación de lo interno y de 1o externo, a pesar
de cierto grado de aceptación conseguido por las definiciones men-
cionadas la.
Tras lo dicho a 1o largo de los capítulos anreriores, quizás la defi-
nición del término <<internalismo» puede parecer excesivamente am-
bigua o equívoca. Creo que, efectivamente, lo es en el sentido de que
agrupa bajo el rótulo de internalistas a historiadores cuyas diferen-
cias, incluso en la delimitación de lo exrerno e interno, resulta difícil
ignorar por más que tengan en común que no son <<externalistas>> en
el sentido definido más altiba.
Si recordamos el breve recorrido histórico por la historiografía
de Ia ciencia de nuestro primer capítulo, podemos observar que des-
de Tannery a Koyré y, en definitiva, la moderna historiografía, se
)) Ibid., p. )22.
r{ Para precisiones importantes respecto a los posibles sentidos de los términos
(historia) <<interna>> y <(externar> puede verse el breve comentario bibliogrrific. tlc
Kuhn 1979, p. 128.
 t
t84 Antonio Beltrán
oponía a un modo de hacer historia de la ciencia que sin duda po-
dría denominarse radicalmente internalista. Efectivamente, la antigua
historiografía la del siglo xvrrr como la de Mach o Duhem-
-tanto
atendía poco menos que exclusivamente a las relaciones lógicas entre
los conceptos científicos que se estructuraban para configurar nues-
tro actual cuerpo de conocimientos. Eso se hacía, claro está, a base
de proyectar en el pasado nuesffos propios conocimientos, lo cual,
obviamente, es históricamente incorrecto. Desde esta perspectiva, la
insistencia de Koyré en la estechísima relación ente la ciencia, filo-
sofía y religión en el siglo xvII, y la consecuente exigencia de tomar
en cuenta esta situación al historiar la RC, puede parecer la reivin-
dicación de una postura más externalista, y cteo que efectivamente
1o es.
Pero aquella vieja concepción historiográfica aun tiene sus parti-
darios. Siguen existiendo reconocidos maestros defensores de un in-
ternalismo radical. Un buen ejemplo de ese internalismo sin conce-
siones Io constituirían los rabajos de C. Truesdell.
En los escritos contemporáneos de Historia de la Ciencia ocurre 1o mismo
que en el comportamiento social: es de muy mal gusto llamar a las cosas por
su nombre. En particular, la tendencia al eufemismo llega al extremo de re-
chazar de plano el que pueda haber algo erróneo en la Ciencialt.
Según Truesdell, la pretensión de la moderna historiografía de no
proyectar nuestras categorías y conocimientos y ubicar y juzgar la
obra de los científicos en su época no es más que una fuente de
error. Para este autor las cosas son mucho más sencillas y claras y
estos historiadores de la ciencia
olvidan el hecho importante de que los científicos buscan la verdad y no
una verdad. [Y en nota a pie de página continual ¿Por qué no llevar a su
más alto grado la imparcialidad de estos nuevos historiadores? Incluso ellos
mismos admiten que la ciencia se ocupa de la teoría y la demosración de
los fenómenos naturales. Ahora bien, si esta ciencia está condicionada tem-
poral, social e institucionalmente, ¿sucede lo mismo con 1os fenómenos que
investiga? Si el movimiento mecánico perpetuo y la transmutación química
de los elementos se consideran imposibles hoy en día, ¿acaso eran posible
cn tiempos de Leonardo o Newton?16.
" ( l.'l'r'r¡cs<lell 1975, p. 140.
I
i campo en P. C. §7. Davies yJ. R. Brown, 1989.
I
I
J
Una reuolación científica
185
III. UN INCISO: VERDAD DE LA BUENA
Detengámonos un momento en este texto. euizás lo primero
que cabría destacar es que lo que los científicos individuales preten-
dan, por el hecho de pretenderlo, no tiene nada que u...o.rio q,r"
consigan. El que «busquen» la verdad no es reiwante en absoluro
respecto a que lo que ellos encuentren sea la verdad o una verdad,, ni
garantiza en absoluto que encuenÚen una u otra. pero eso pefmite
formular una pregunta relevante para este tema:
¿qué diferencia ha-
bría en*e el proceder de dos cieniíficos, o.,rpudoJ en un mismo pro_
blema, uno de los cuales buscara la verdad y ot.o que buscara una
verdad? En la medida en que aceptemos que la expresión de Trues_
dell .,buscar una verdadr> tiene algún contenido, ...o q,r. la respues-
ta es que no habría ninguna diferencia. pero precisa-..rt. por iá que
nos dice este autor a continuación, tenemos razones para suponer
que tal expresión era un mero recurso retórico.
_ Pero, además, resulta llamativo el modo en que Truesdell plantea
la cuestión. No establece un paralelismo enrre lo qr. es posibl) hoy y
lo que era posible en el siglo xvr o xvr. Ni siquierá ro e.iabrece entre
lo que hoy se considera posible (o imposible) y io q,r" entonces se consi-
deraba posible_(o imposible). Establece el paialelismo entre ro que hoy
se considera y lo que entonces era. Lo que hace más complic uáo y
f^-
rragoso el asunto. Parece claro, en todo caso, que Truesdell establece
una identificación, al menos respecto a los puntos mencionados, res-
pecto a lo que hoy se considera y laverdad. Es decir, lo que hoy no_
sotos consider¿mos respecto a la imposibilidad del movimiento me-
cánico_ perpetuo y de la transmutación de los metales es, para
Truesdell laverdad. Además debemos suponer que Truesdell da^por
supuesta, en primer lugar,Ia estabilidad de los hechos y su indepen_
dencia de nuesras consideraciones sobre ellosrT. En segundo lrgur du
por supuesto que, sentado esto, si una proposición sobre un hecho es
verdadera, 1o será con independencia de lo que nosoros creamos, de
dónde y de cuándo lo creamos. Más aún, y .ro ., importante para
nuestro tema) no sólo podemos equivocarnos al afirmar que algá es
verdadero, sino_que algo puede ser verdadero sin que ,orát.o.
¡"u-á,
alcancemos a saberlo, e incluso aunque no podamos saberlo.
17 No entraré aquí en el hecho de que la física cuántica ha rcchazado estc sr-
puesto. Pueden verse al respecto opiniones de importantes protag.nistas
irctrrirlt.s rlt.l
 ?

186 Antonio Behr¿ín

Una reaolación científica 187

cuestión suficientemente evidente para dar por supuesta la respuesta,

Aceptando que eso sea correcto, ¿qué relevancia tiene para la
como hace Truesdell. Como es bien sabido, no se quedaron en la re-
historia y paru la historiografía de la ciencia? ¿Qué relevancia tiene
paru \a investigación de los científicos que quiere conocer la natura-
tórica sino que argumentaron detalladamente su posición. Desafortu-
nadamente, no conocemos los argumentos de Aristarco en favor de
leza o determinados ámbitos de ésta y proponen y aceptan o recha-
sus tesis. Arquímedes, que nos informa de estas ideas de Aristarco,
z^n teoÍías, o p^ta el historiador que quiere dar cuenta de la historia
no nos ffansmite ninguna justificación dada por éstere. Pero es obvio
de la ciencia o, en general, para cualquiera interesado por la consecu-
que los argumentos de Aristarco no fueron nada convincentes, por-
ción del conocimiento científico? Ya hemos visto que Truesdell tiene
por verdaderas las proposiciones que niegan la posibilidad del movi-
que no tuvo seguidores. Más aún, lo que realmente constituye un
problema es en qué razones se apoyó Aristarco para proponer un sis-
miento mecánico perpetuo y la posibilidad de la transmutación quí-
tema heliocéntrico. Porque 1o que sí sabemos con seguridad es que
mica de los elementosr8. ¿Por qué? Realmente tenemos muy buenas
razones para afirmar lo que afirmamos en los casos que Truesdell ci-
no fueron nuestrds razones las que le indujeron a proponer el sistema
heliocénffico, que no tenía los mismos argumentos que nosotros para
ta y en muchos otros en los que nuestras afirmaciones difieren de las
defender ia afirmación del movimiento de la Tierra.
hechas por los científicos de siglos anteriores. Los hechos y la correc-
ción de los razonamientos apoyan esas teorías que hoy defienden los
Hoy podría decirse: Aristarco defendía 1o que nosoffos afirmamos
que es verdadero, y sus oponentes, del siglo que sea, por muchos que
científicos. Pero, aceptado esto, caben dos preguntas:
fueran, estaban en conra. Es decir, Aristarco decía la verdad y sus
oponentes afirmaban algo emóneo. Ahora bien, si aceptamos que nues-
A) ¿Creemos acaso que los científicos del pasado no tenían
tras afirmaciones son aceptables por las buenas razones que las susten-
también <,buenas razones>> para afumar 1o que afirmaban, que eran
tan, que decimos de algo que es verdadero porque tenemos funda-
unos insensatos que no afirmaban, tal como lo hacemos nosoÚos, lo
que los hechos y el razonamiento correcto les dictaban? mento racional y empírico para afirmarlo ro, y si además tomamos en
B) ¿Permiten <(nuestras buenas razones>> asegurar que 1o que cuenta los datos de observación y principios teóricos de que dispo-
nían aquellos científicos, deberemos convenir que la actitud de todos
afirman nuestros científicos hoy es la verdad?
los críticos de Aristarco fue la actitud racional, científica. Debemos ad-
Tomemos un ejemplo.
En el siglo IIt a.C., Aristarco de Samos había propuesto un siste- mitir que actuaron igual que 1o hacen nuestros científicos hoy y, preci-
samente por eso, rechazaron la afirmación de1 movimiento terrestre y
ma que afirmaba el movimiento de la Tierra, tal como más tarde ha-
ría Copérnico y aceptaría la ciencia moderna. No obstante, el hecho afirmaron el geostatismo. Se ha insistido numerosas veces en ello.
Toulmin y Goodfield, por ejemplo, señalan al respecto:
bien conocido es que prácticamente la totalidad de los astrónomos y
cosmólogos de entre los siglos rr a.C. y xrv d.C. que afrontaron la
Por consiguiente no debemos sorprendernos de que los griegos fueran es-
cuestión, rechazaroo la tesis de Aristarco. Examinaron detenidamen- cépticos con respecto a 1a sugestión de Aristarco; más bien debemos felici-
te la teoría y concluyeron, de acuerdo con Aristóteles y Ptolomeo, tarlos por su buen sentido. Al juzgarlos como científicos, es decir, como in-
que estaba meior sustentado el sistema geostático. Concluyeron que térpretes racionales de la naturaleza, lo importante no es saber a cuántas
el movimiento temeste era imposible, que afirmarlo era absurdo. conclusiones de 1as que nosotros aceptamos habían llegado, sino en qué me-
También ellos habrían podido preguntar retóricamente, con la misma
seguridad y ex{tctamente por el mismo tipo de razones o con el mismo tipo de re Arquímedes. El Arenario, en Francisco Vera (comps.) 1970, p.205.
a0 Naturalmente, según lo dicho más arriba, algo puede ser verdadero indepen-
criterios que Truesdell, si es que el movimiento terreste que ellos
dientemente de lo que afirmemos nosotros. Pero, si queremos decir de algo que es ver-
«consideraban» imposible, en tiempos de Aristarco era posible. Y, si- dadero, exigiremos <,buenas razones»> para hacerlo. No aceptaremos como verdadera la
guiendo con el recurso retórico, también habrían considerado la afirmación de alguien si no dispone de una buena justificación de su afirmación. Inclu
so así podemos equivocarnos, es cierto, pero eso no obsta para que exijamos una buc
rx Il('sl)c(to ¿ cst¿rs cuestiones, estas proposiciones son /¿ verdad, y las proposi- na justificación. Al contrario, lo que ese peligro puede provocar es que seilnros rrils
(lr¡( rrlir r¡¡iur l¡r c()ntrario son falsas ahora y lo eran en los siglos pasados.
( r()n( s
exigentes. Y se supone que precisamente los científicos son los más exigcntcs.
 .{*:
188 Antonio Behtán
dida sus conclusiones se hallaban fundamentadas por los elemenros de juicio
disponibles por entonces. En la medida en que sus juicios se hallaban influi-
dos por e1 peso de las pruebas, puede decirse que pensaron científicamenteal.
Está claro, pues, que si uno examina la cuestión con un poco de
átención, no puede acusar a aquellos (autores del pasado) que no es-
tán de acuerdo con nosotros de no ser tan cuidadosos como nosotros
en sus argumentaciones y en su respeto a los hechos.
Pasando a nuestro segundo interrogante, seguramente Truesdell es
uno de los pocos que hoy afronta estas cuestiones en estos términos
de la verdad. Quizás sea oportuno recordar aquí que un entusiasta de-
fensor de la vetdad, que ha pensado algo más detenidamente la cues-
tión, ha concluido que 1o que podemos afirmar con seguridad es que
determinada proposición o teoría es falsa pero no que es aerdadera. Y
según nos cuenta el mismo Popper a quien, naturalmente, me estoy re-
firiendo, eso se le ocurrió cuando la teoría científica que más «verifica-
ciones») o <,confirmaciones>> había recibido, la que se consideraba más
sólida, es decir, la teoría dinámica newtoniana, fue sustituida por la de
Einsteina2. La experiencia histórica y la lógica párecen inducir a la
prudencia y a la humild ad, y a dejar de lado la identificación ente 10
que nosotros afirmamos hoy, con fundamento, y la verdad, aun en el
caso de que aceptemos que eso es 1o que buscan los científicos.
Pero la historia y la filosofía de la ciencia quizás pueden inducir-
nos a dar un paso más. Ya no se trata únicamente de si es correcto o
no el identificar determinadas afirmaciones nuestas como verdade-
ras, sino de proponer si es útil o necesario plantear esta cuestión.
¿Contibuye en algo a la calidad, claridad, precisión de nuesrro traba-
jo historiográfico? Se puede contar la historia de la astonomía hasta
el siglo xvII, para utllizar el ejemplo al que hemos aludido, sin intro-
ducir el término «verdadr> y sin que, por ello, nuesro relato pierda
nada mínimamente relevante. De hecho, los historiadores que he
mencionado así io hacen y no sólo no desmerecen respecto de las
<<historias» más tradicionales, sino que son considerados modélicos.
Si nuestro relato ha explicado el proceso por el que una determinada
teoría se impuso, el hecho de que el historiador aiada al final de su re-
al Toulmin, y J. Goodfield 19éJ, pp. l4l-112. Pueden verse también las obser-
S.
vaciones y argumentaciones en el mismo sentido de Kuhn 1978, pp. 71 ss.; y Han-
son 1978, pp.29 ss.
{2 Popper 1977, pp.50-51. Sobre esr¿s ideas de Popper me permito remitir al
lcctor a A. Beltrán 1983a.
U na reuolución científica 189
lato o explicación que esta o aquella opinión que fue aceptada eru
«verdadera>> no 1o mejora en absoluto, ni le añade nada relávante. Si,
como Truesdell, lo afirma porque años o siglos después nosotos la
consideramos verdadera, está claro que eso no añade nada reievante ni
pertinente al relato, simplemente indica que Truesdell se mueve dentro
de un modelo historiográfico whig. si nuesto horror ante ra pasada
guerra civil española no afecta en absoluto el que tuviera lugar y el que
murieran tantas personas, ¿por que nuestras actrales .onr]d"ír.ion..
sobre la verdad de esto o aquello tienen que afectar a lo que pensaran
y aceptarar. los científicos hace años o siglos? Nuestro .o.roiirni.nto
del experimento del péndulo de Foucault no hace en absoluto mel'ores
las razones argumentos de Copérnico, Kepler, Galileo o cualquier
.y
otro autor dei siglo xvrr en favor del movimiento de la Tierra, ni le da
ninguna ventaja al historiador alahoru de explicar y justificar el com-
portamiento racional y científico de aquellos eminentes científicos.
Lo dicho aquí puede ayudar a entender el hecho de que Kuhn, en
La estructura de las reuoluciones cientdicas, insista en el hecho de que, ni
en su análisis de casos históricos, ni en la exposición, sus tesis fiiosófi-
cas e historiográficas sobre el desarrollo de la ciencia, no ha necesirado
recu*ir al término verdad; y en que el proceso de desarrollo de la
ciencia no necesita de la verdad como meta, porque es un proceso de
«evolución-a-partir-de-lo-que-conocemos)> y no rna oevolrción-hacia-
1o-que-deseamos-conocer>> 41.
Por lo demás, está claro que no se uata en absoluto de desinterés
por parte de Kuhn respecro de la concepción de la verdad, sino más
bien, si se me permite decirlo asi del desinterés de la concepción men-
cionada de la verdad por la historia de la ciencia, por la ciencia real.r¡.
{r Kuhn 1971, pp. 262-263, rexto citado en nuestro primer capítulo. De
hecho,
bajo estas cuestiones historiográficas, late la dificultad fundamental áe la relación tec,-
ría-hechos, la <<teoría epistemológica», que Kuhn hace objeto central de su libro y so-
bre la que no vamos a insistir aquí. Nótese, en cualquier caso) que .l t"*tl d"
f'ruesdell que hemos transcrito, éste da por sentada una distinción radical "n entre la
c_iencia como investigación cc¡lectiua, institucional
1 realizada en un deterruinado momeilto,
de los fenrimenos que inuestiga. Es decir, por un lado estarían los científicos con sus
creencias y las distintas influencias que los afectarían o condicionarían, y por otro, in-
dependientes, los «hechos», incontaminados, inmunes al capricho .re modas y épocas.
Eso es precisamente lo que no es obvio en absoluto.
ar «Aquí quisiera decir: una rueda que puede girarse
sin que con ella se mueva cl
resto" no pertenece a la máquina». \X/ittgenstein 1988, Parte t,271, p.2)).
 *
190 Antonio Behrán
Pero, retomando nuestro tema, desde la perspectiva de Truesdell,
hacer historia de \a ciencia tal como la moderna historiografía la en-
tiende, es decir, entre otras cosas una historiografía que contextualice
los conocimientos, teorías y creencias en su momento, es, por defini-
ción, hacer <<historia externa)>. Truesdell caricaturiza un tanto la postu-
ra de Koyré, pero no caricattriza en absoluto la propia postura. Es la
postura de un científico que concibe la historia de la mecánica como
un modo más de investigar en la mecánica racional, uno de tantos in-
quilinos del tercer mundo popperiano. Ya hemos mencionado más
arriba y en capítulos anteriores los supuestos filosóficos de cada postu-
ra, y no es necesario insistir aquí en la cuestión. Hablando de los li-
bros de historia de la paleontología escritos desde «la anterior tradi-
ción histórica>>, Martin J. S. Rudwick nos ofrece 1o que puede
considerarse una respuesta al texto de Truesdell:
[...] y 1as figuras del pasado podían dividirse, a grandes rasgos, en los que
habían estado «en 1o cierto>>, y aquellos cuyas opiniones había sido «erró-
neasr>. Para los historiadores de la ciencia de nuestros días este tipo de
historiografía es ya un cadáver que no merece grandes discusiones45.
En 1970, Stilman Drake, en un claro y legítimo intento de dis-
putarie a Koyré el lugar que ocupa entre los estudiosos de Galileo
y enmendarle \a plar.a, publicó sr¡ Galileo Studies. Personality, Tradi-
tion and Reuolutionaí. Drake alude a la importancia dada por Koyré
a la filosofía en el nacimiento de la nueva ciencia, es decir Ia im-
portancia dada a lo que Drake considera «factores externos»> 47.
Frente a 1o que Drake considera una relación deductiva, estableci-
da por los historiadores entre la filosofía y determinadas ideas
de Galileo, el historiador americano propone
-metodológicas-
un tipo de investigación que llama <<biográfico>>. Esta investigación
buscará las razones de las ídeas de Galileo no en factores externos,
como las discusiones metodológicas de su momento, sino en la
«plausibilidad interna>> de su obra, utilizando como criterio la «plau-
1' M. J. S. Rudwick
1987, p. 16.
+r Drake alude a la voluntaria similitud del título de su libro con el de Koyre,
Estudios galileanos, como dirigida a sugerir el carácter <<complementario» de las dos
aproximaciones a Galileo. Cualquier lector puede ver, no obstante, que Drake trata
más bien de construir una imagen alternativa. Drake 1970, p. 14.
a7 Drake 1970, pp.5 y 10.
[.Jna reuolución científica 191
sibilidad psicológica». Es, sin duda, una visión muy personal de la
cuestión. Pero, en cualquier caso, Drake afirmaexplícitámente:
La reconstrucción del pensamienro de Galileo intentada aquí hace uso, bási-
camente, de la evidencia inrerna y la plausibilidad piscológica; enlos Estu-
dios Galileanos de Koyré, el criterio era, principarmente, la Jvidencia exrerna
y la deducción lógi6¿aa.
Así pues, mientras que, comparado con Merton, Koyré es sin
duda un modelo de «internalismo>> y así es presentado por Hall,
comparado con Drake o Truesdell es un <<externalista, espelialmente
representativo, y así lo consideran explícitamente estos historiadores.
Quizás la expresión <<historiador intelectualr> sería adecuada para des-
cribir el tipo de historiografía propugnada por Koyré, atenta a Ia con_
textralizació¡ en la cultara de su momento de lai teorías científicas.
Mienras que historia inrerna podría aludir al tipo más resringido de
investigación de Drake y, sobre todo, de Truesdell. pero no pÁt..rdo
en absoluto introducir un cambio de sentido en estas er,pierioner,
porque además ello tampoco solucionaría todas las ambigüedades. Es
obvio que A. R. Hall se considera a sí mismo un uhistorádor intelec-
tual» en lalínea de Koyré. En los capítulos anteriores vimos que tam-
bién é1 insistía en la importancia del <<momento firosófico» ., lu nc.
sin embargo, hemos visto también que a Ia hora de determinar la in-
fluencia del entorno filosófico y cultural en general, se distancia cla-
ramente de Koyré. Éste no sólo no tiene ningún inconveniente en
aceptar la influencia de corrientes como el «neáplatonismo>> en auto-
res como copérnico o Kepler, sino que la afirma explícitamente.
Mientras que A. R. Hall no se muestra en absoluto receptivo a la
idea de una influencia del hermetismo en la Rc en general o .., d.t..-
minados científicos en particular. Del mismo
-odo, la actitud de
Kuhn, sin duda un <<historiador intelectual», ante temas como la in-
fluencia del hermetismo o del «puritanismo» o incluso de factores so-
ciales en general en la RC, es claramente distinta e incluso distante de
la de Hall.
Pero, además, la expresión <<historia intelectual>> puede plantear
problemas incluso aparentemente más serios. Traba¡os de paáro Ros-
si, como Los filósofos y las mríquinas, Francis Bacon: de la magia a ra cien-
cia, o bien I segni del tempo. storia della Te*a e storia dette nazioni rJa
a8 Drake 7970, p. 1,4
 ,ryt&r,
q
192 Antonio Beltrán
Hooke a Vicoae, ¿pertenecen al campo de la historia de la ciencia?
No hay un criterio establecido para responder con un sí o un no.
Ahora bien, está claro que50 los historiadores de la ciencia los ci-
tan reiteradísimamente y al menos en este sentido pertenecen al
campo. En todo caso, habrá que preguntarse qué tipo de denomi-
nación tenemos que dar a un tipo de trabajos a los que los historia-
dores de la ciencia se ven obligados a referirse tan frecuentemente.
Sospecho que A. R. Hall no les concedería la adscripción sin reti-
cencias. Pero, en cualquier caso, resulta relevante el comentario del
propio Rossi al respecto. Me parece relevante por una doble razón:
en primer lugar, porque creo que denota algún tipo de punto de
inflexión en la evolución de Rossi; en segundo lugar, porque atañe
directamente al tema que estamos ratando aquí. En el último de
los libros mencionado s, I segni del tempo, Rossí comenta:
Como otros trabajos míos y como el libro anterior sobre I filosofi e le mac'
chine que en l97L ha sido publicado de nuevo en esta misma colección
[se refiere a 1a colección Storia della Scienza de Feltinelli] también este vo-
lumen nace de la convicción de que una historiografí^ ala vez alas
^tenfa
teorías científicas, a las filosofías, a 1as corrientes de ideas, tenga una fun-
ción precisa. Este género de investigaciones, que no pertenece en sentido
estricto ni a la historia de la filosofía ni a la historia de la ciencia, tiene
una tradición muy respetable y parece ser, en los últimos años, objeto de
renovada atención, sobre todo por parte de los historiadores de la ciencia.
Esto parece depender en gran medida de la fortísima crisis (probablemen-
te irreversible) que está atravesando aquel tipo de historia «epistemológi-
ca>> de la ciencia que concebía las reconstrucciones históricas como una
especie de inventario de «ejemplos reconfortantes» pará puntos de vista
epistemológicos ya consolidados 5r.
Se puede encontrar la contrapartida a este texto en un historia-
dor de la ciencia. Efectivamente, Kuhn, años antes, en su revisión
del campo de la historio grafía de la ciencia, decía:
Aunque el salto parezc^ pequeño, no hay abismo que más necesite ser salvado
que el existente entre el historiador de las ideas y e1 historiador de la cienciat2.
ae Rossi 1970;i990 y 1979 respectivamente.
que
'0 Con independencia del hecho, que puede considerarse marginal, de
se h,r-
yan publicado tanto en colecciones de historia de la ciencia como de historia de la li'
losofía o de las ideas, y alguno en una y otra sucesivamente.
5I Rossi 7c)7c), p. 11.
52 Kuhn 1981, p. 118; Kuhn 1977, p. 11,1.
Una rcuo lución científica 193
Como ejemplos de trabajos que cumplen esta misión de puente cita
los de §Testfall sobre religión natural5r, los estudios.ob.á lu ciencia
en la literatura de los siglos xvu y xvrrr, de Nicolson 5a, el tabajo de
Rogerr5 sobre las ciencias de la vida y el pensamiento francés en el
siglo xvIn..Creo que hay pocas dudas de que los tabajos citados de
Rossi también podrían incluirse enre los mencionados aquí por
Kuhn.
En definitiva, creo que está claro que incluso dento de la lra-
mada «historia inteiectual,> también hay una amplia gama de po_
sihilidades y unas son más claramente .,internaiistaJ, qrr. o,iur.
Hay un requisito básico fundamental: la historia de la ciencia, para
ser tal, tiene que ocuparse de las teorías científicasi6. Ero.á.rr_
tituye, en última instancia, el elemento esencial y definitorio de la
historia de la ciencia. Pero ocuparse de las teorías científicas no
significa únicamente5T explicar las relaciones lógicas de ros con-
ceptos básicos de éstas y su modo de conexión con la realidad a
través de los experimentos. Las posibilidades, como muesrra una
mirada a grandes trabajos del campo, son muchas más y no está
muy claro ni el cómo ni ei dónde ffazar la frontera de ra «historia
interna».
Esta complejidad se explica en buena parte por el hecho de que
la <<historia intelectual», al dominar el campo durante mucho tiempo,
desde que abortó el desa*ollo de las tesis de Merron, ha experimen-
tado un espectacular desarrollo. Pero, 1o cierto es q,.r", hoy, los pro_
blemas fundamentales del campo en este ámbito no purá., po. io.
5¡ \X/estfall 1958.
ta Nicolson 1960.
tt Roger 1971.
'6 Eso no obsta en absoluto para que investigaciones que no tratan directamentc
de las teorías científicas no sean totalmente relevantes para la historia de la ciencia.
Incluso puede darse el caso de que libros que excluven deliberadamente el trata-
miento de las teorías científicas puedan tener gran interés para la historia rle la cien-
c.ia. Un historiador tan poco sospechoso como Kuhn señala un ejemplo
en este senti-
do al referirse a Portruit o;[ lsaac Neuron de Frank Manuel. n¡...1 E, ,.gr.u.r".rr"
estudio más brillante y concienzudo sobre su remá escrito en mucho iiempo. salvo "l
los o_fendidos por su punro de vista psicoanalítico, los expertos en Newton con los
que lo he comentado, me aseguran que afectará ,r. t.rbulo. en los añ<¡s veni.lercrr.
La historia de la ciencia sería mucho más pobre si no se hubiese escrito este ]ibro,,.
Kuhn 1981, p. 182; Kuhn 7977, pp. 157-158.
57 si nos atenemos los grandes
a maestros del campo deberíamos clecir inclrs.:
no debe signficar únicamente.
194 Antonio Beltrán
7.
matices diferenciadores dentro de la <<historia interna». En reaiidad,
ahora es cuando se presenta con toda su crudeza, e incluso con más
radicalismo que nunca, la reivindicación de un <<externalismo>>, de
una <<historia externa>> que está empezando a tener un desarrollo
comparable al de la «historia interna>> en las décadas pasadas.
IJN NUEVO ¿EXTERNALISMO?
¿De qué leyes se Úata? Si se trata de esas fórmulas comunes
que forman series agrupando hechos hasta entonces separados,
¿por qué no? Así será como la historia experimentará una vez
más la unidad viva de la ciencia; y entonces se sentirá, más
aún, hermana de las otras ciencias, de todas aquellas para las
cuales ei gran problema hoy es negociar el acuerdo entie lo ló_
gico y lo real la misma manera como para la historia se
-de
trata de negociar el acuerdo enme lo institucional v lo contin-
gente. [La cursiva es mía.]

L. Fsnvnr. Combates por la historia (l91ú).

Trad.: Francisco J. Fernánde z Buey y Enrique Argullol.
Barcelona, Ariel, 1986, p.33.

Cuando, en el capítulo anterior, he delimitado el mínimo necesari<¡

para considerar una investigación como perteneciente a la historio-
grafía de la ciencia, he afirmado que tal investigación debía ocuparse
de las teorías científicas. Con ello apuntaba a un hecho a."ptado
usualmente, incluso por Merton y los externalistas, hasta hace algún
tiempo: la existencia de una distinción, en principio clara, enÚe los
«factores externos>> y las teorías científicas o ios elementos técnicos
del conocimiento científico. Ahora bien, hay que aceptar que, por lo
menos desde hace tres décadas, ese supuesto es como mínimo muy
discutible en el sentido de que da por sentado, entre otas cosas, la
existencia de una concepción mínimamente clara de qué sean las teo-
rías científicas. Eso, efectivamente, es mucho suponer. pero, además,
la cuestión se complica más aún si tomamos en cuenta el hecho de
que está en cuestión incluso el supuesto de que las teorías científicas
sigan siendo el objeto básíco de atención de la filosofía delaciencia.
Con las transformaciones que {oruaroo a al¡andonar la llamada
<<concepción heredada,> t, se introdujeron en la filosofía de la ciencia,
conceptos como <<paradigma» o <<programa de investigacióo>. Los fi-
lósofos de la ciencia formalistas establecieron inmediatamente una
correspondencia enre el concepto de paradigma y el de teoría. La re-
ducción de uno a otro era interesada, naturalmente. Porque el pro-
blema que se estaba planteando era si debía seguirse con el plantca

1 Puede verse al respecto Frederick Suppe 1979

 0-*+
)
'
(0)* Ž•
(9(
/(*,936b
65;(0.5,
9,*<99K(
(3
05-694,
9,*0,5;,4,5;,
7<)30f
*(+6
+,3
7(:;69
796;,:;(5;,
,(5
+,
H9@
:6)9,
3(
,?7,90,5*0(
+,3
(:,f
+06
+,
(5*,99,
,5
‘“e
<9(5;,
,3
(:,+06b
H9@
,5;9P
,5
3(
*(:(
+,

<56
+,
:<:
-0,3,:b
8<0,5
:05;0H5+6:,
46909
+,
/(4)9,
:,
/()K(
*640+6
(

:<
/01(
+,
;9,:
(N6:e
0,5+6
:<
3,5.<(
*6*05(+(
,5
,3
73(;6b
H9@
:,
79,f
.<5;()(
769
8<H
:<
9,7<3:0P5
=0:*,9(3
56
/()K(
:0+6
3(
40:4(
*<(5+6

/()K(
,:;<+0(+6
3(:
79C*;0*(:
*(5K)(3,:
+,
36:
05+06:
;<705(4)C
+<9(5;,

3(
,?7,+0*0P5
+,
033,.(.565
(
9(:03
,5
‘
‘’f‘
‘“e
646
)<,5
*(3=0f
50:;(b
=,K(
*3(9(4,5;,
+P5+,
,:;()3,*,9
3(
3K5,(
+,
:,7(9(*0P5
,5;9,

r,336:s
@
r56:6;96:sb
@
56
+<+()(
+,
8<,
56
,9(
:636
*<3;<9(3b
:056

;(4)0H5
;,63P.0*(e
636
 06:
:()K(
,5
T3;046
;H94056
8<0H5
:,
0)(
(

:(3=(9
@
8<0H5
56b
@
(3=056
/()K(
:0+6
4<@
*3(96
(3
9,:7,*;6d
r6
/(@

505.<5(
5(*0P5
;(5
)C9)(9(b
505.<5(
9(A(
;(5
)9<;(3b
*646
7(9(
8<,

56
,:;H
04)<0+(
+,
3(
*65=0**0P5
+,
8<,
,?0:;,
<5
06:se
05
,4)(9.6b

,5
,3
*(:6
+,
36:
;<705(4)C
:<
:<7,9:;0*0P5
:,
/()K(
05;,90690A(+6b
:0,5f
+6
;9(5:40;0+(
+,:+,
4<@
(5;0.<6b
7698<,
,9(5
+,:*,5+0,5;,:
+,
(4

@
,:;()(5
4(3+0;6:e
5;,979,;()(
36:
(<330+6:
90;<(3,:
+,
36:
05+06:

*646
4(50-,:;(*0P5
+,
:<
76:,:0P5
+,4650(*(e
9(5b
,5
9,:<4,5b

099,+040)3,:e
,96
=63=0,5+6
(
<967(b
+65+,
;,5+9K(
8<,
/(),9
:0+6
+0-,9,5;,b

56
36
,9(
;(5;6e
(4)0H5
(33K
,?0:;K(
,3
*(50)(30:46b
@
,:6
,9(
36
8<,

(:64)9()(
;(5;6
(
65;(0.5,d
r6
3(4,5;6
8<,
(79,*0,46:
,3
)C9)(f
96
/69969
+,
;(3,:
(*;6:
v +,*K(v
:056
8<,b
(3
1<A.(9
:<:
-(3;(:b
:,(f
4 6:
;(5
*0,.6:
(
3(:
5<,:;9(:se
<(5+6
,(5
+,
H9@
9,*69+()(
3(:

+(5A(:
90;<(3,:
+,
36:
05+06:b
56
,9(
7~9(
+,:79,*0(93(:
*646
:0473,f
4,5;,
+0()P30*(:d
r@,5+6
3(:
(9465K(:
4,+0+(:
+,
;(3
4<3;0;<+b
@
,:f
7,*0(34,5;,
3(
*(+,5*0(
@
,:;90)0336
+,
3(
*(5*0P5b
*<(5+6
,5
*(+(
=,9f
:6
,5*(+,5()(5
:<:
=6*,:
+0*0,5+6
#3R
&#330#R
&#2#0R
&#3030#R

)#30R
&#30R
-3'#&b
4,
:,5;K(
;9(5:769;(+6
+,
73(*,9e
0,479,
8<,
36

9,*<,9+6b
40
*69(AP5
;0,4)3(se
3
+,:*<)9040,5;6
+,
4H90*(
+,:7,9f
;P
,5
<967(
3(
(79,*0(*0P5
+,
36
8<,
,9(
r*<906:6s
@
r4(9(=0336:6sb

7,96
;(4)0H5
+,
36
r)C9)(96se
6:
:(3=(1,:
:,
*65=09;0,965
,5
<5(
7(9f
;,
+,
36
8<,
0)(
(
:,9
,<967,6e
GREENGRASS Mark, La destrucción de la
cristiandad. Europa 1517-1648, Pasado y Presente,
Barcelona, 2015
“
 


 



  
  

  
(
,9(
+,
36:
+,:*<)9040,5;6:
56
-<,
T50*(4,5;,
3(
+,
3(
,?7369(*0P5
@

*63650A(*0P5
+,3
5<,=6
*65;05,5;,b
,3
;9(:0,.6
769
36:
6*H(56:
@
3(
<)0f
*(*0P5
+,
<967(
*65
9,:7,*;6
(
,336:e
<,
;(4)0H5
3(
+,
3(
.,9405(*0P5

+,
<5(
5<,=(
(79,*0(*0P5
+,
3(
5(;<9(3,A(
@
+,3
<50=,9:6e
6:
;,P36.6:

*90:;0(56:
*9,K(5
8<,
,3
69+,5
5(;<9(3
,:;()(
:<)69+05(+6
(
06:
@
8<,

,3
<50=,9:6
*9,(+6
,9(
<5
9,-3,16
+,
:<
+0=05(
=63<5;(+eb06:
76+K(
<:(9

3(
5(;<9(3,A(
7(9(
05+<*0956:
(
(3()(9
:<
.9(5+,A(
@
(:64)9(956:
(5;,

:<
*9,(*0P5
@
645076;,5*0(e
(
796365.(+(
(*;0=0+(+
=63*C50*(
+,3

;5(
@
3(
3,.,5+(90(
9,.,5,9(*0P5
+,
3(:
:(3(4(5+9(:
:64,;0+(:
(3
-<,f
.6
-<,965
:,N(3(+(:
769
(5
.<:;K5
*646
,1,4736:
+,
3(
05;,9=,5*0P5

+,
 06:
,5
3(
5(;<9(3,A(
7(9(
9,*69+(956:
8<,
76+K(
/(*,9
(9+,9
5<,:f
;96:
*<,976:
+<9(5;,
;6+(
3(
,;,950+(+e
(
0)30(
6-9,*K(
()<5+(5;,:

79<,)(:
+,
8<,
76+K(
796=6*(9
(*65;,*040,5;6:
,?;9(69+05(906:
,5

,3
4<5+6
5(;<9(3e
,;,690;6:b
*64,;(:b
5(*040,5;6:
465:;9<6:6:
@

6;96:
,?;9(N6:
-,5P4,56:
76+K(5
:,9
;64(+6:
*646
(+=,9;,5*0(:
+,

3(
09(
+,
06:
6
+,
3(
05405,5*0(
+,
.9(5+,:
(*65;,*040,5;6:e
646

4K5046
/(*K(5
9,*656*,9
8<,
3(
5(;<9(3,A(
,9(
0479,+,*0)3,b
*(4)0(5;,

,
099,.<3(9e
,:+,
4,+0(+6:
+,
3(
+(+
,+0(
3(
90:;0(5+(+
9,*<7,9P
3(:
,5f
:,N(5A(:
+,
36:
-03P:6-6:
.90,.6:
v ,5
7(9;0*<3(9
90:;P;,3,:
@

(3,f

56v b
8<,
:,
:<7,9765K(5
*65
3(
+6*;905(
=0.,5;,
+,3
<50=,9:6
.,6*H5f
;90*6
7;63,4(0*6e
(
5(;<9(3,A(
:,
,5;,5+K(
*646
<5
,:7(*06
69+,5(+6

@
*6/,9,5;,b
7(9;,
+,
3(
=,9+(+
<50=,9:(3
+0=05(4,5;,
:(5*065(+(
769

3(
;,636.K(b
*6:(:
8<,
76+K(46:
+(9
769
*0,9;(:
@
811,
*65:;0;<K(5
,3

r*656*040,5;6s
x1!'#,2'ye
(+6
8<,
3(
=,9+(+
+0=05(
@
3(
/<4(5(

,9(5
3(
40:4(
*6:(b
3(
-036:6-K(
5(;<9(3
-694()(
7(9;,
05;,.9(3
+,
3(:

,:;9<*;<9(:
+,
7,5:(40,5;6
+,
3(
90:;0(5+(+e
(+(
3(
*6473,10+(+
+,3
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
4<5+6
5(;<9(3
x@
+,3
*<,976
/<4(56
*646
7(9;,
+,
H3yb
3(
-036:6-K(

5(;<9(3
(90:;6;H30*(
@
3(
4,+0*05(
.(3H50*(
:,
*65*,5;9()(5
,5
6):,9=(f
*065,:
@
9,-3,?065,:
.,5,9(3,:
:6)9,
3(:
*(<:(:
+,
*0,9;6:
-,5P4,56:e

<(38<0,9
6;96
73(5;,(40,5;6
/()9K(
*647964,;0+6
3(
*,9;0+<4)9,
+,3

*656*040,5;6b
/(33(5+6
055<4,9()3,:
=(90(5;,:
7(9(
3(:
8<,
56
/()K(

,?730*(*0P5
@
,5;9(5+6
,5
<5
4<5+6
+,
7,30.96:(
05*,9;0+<4)9,e
69

,:6
-03P:6-6:
4,+0,=(3,:
9,*9,(965
(
90:;P;,3,:
(
:<
79670(
04(.,5e

(9.05(965
(3.<5(:
6)9(:
x36:
;9(;(+6:
:6)9,
-K:0*(b
4,;,69636.K(b

A6636.K(b
)0636.K(
,
/0:;690(
5(;<9(3y
,5
-(=69
+,
6;96:
x3(
4,;(-K:0*(ye

,
-694(
:0403(9b
3(
4,+0*05(
.(3H50*(
x9,*<7,9(+(
(
;9(=H:
+,
3(:
;9(f
+<**065,:
(3
3(;K5
+,
;,?;6:
4H+0*6:
0:3C40*6:y
6-9,*K(5
,?730*(*065,:

+,
3(
-0:0636.K(
@
3(:
,5-,94,+(+,:
/<4(5(:
4C:
8<,
3(
79C*;0*(
+,
*<f
9(:
;,9(7H<;0*(:e
(:
-694(:b
,3,4,5;6:
@
*<(30+(+,:
7904(90(:
(90:;6f
;H30*(:
x*(30,5;,b
/T4,+6b
-9K6
@
:,*6b
)(:,
+,
3(
7(;636.K(
.(3H50*(
+,

36:
/<469,:yb
/(*K(5
8<,
3(
5(;<9(3,A(
:,
(+(7;(9(
(
3(
r*0,5*0(se
(:
+,4(5+(:
+,
*,9;,A(b
56
6):;(5;,b
:0.50-0*()(5
(*,7;(9
8<,
3(

5(;<9(3,A(
56
,:;()(
.6),95(+(
769
r3,@,:s
05,?69()3,:e
,5K(
8<,
/(f
),9
4(9.,5
7(9(
3(:
=(90(5;,:
8<,
:,
796+<*K(5
,5
,3
4<5+6
5(;<9(3e
(

5(;<9(3,A(
6),+,*K(
r9,.3(:s
g0#%'"dR
56
3,@,:e
9(
<5
r(9;0-0*06s
+0=0f
5(4,5;,
05:;0;<0+6b
*<@6:
/C)0;6:
,
05*305(*065,:
,?730*()(5
,3
46=0f
40,5;6b
.,:;(*0P5b
.,5,9(*0P5
@
+,*(+,5*0(
6):,9=()3,:
,5
,3
4<5+6

5(;<9(3e
3
4(9*6
,?730*(;0=6
(90:;6;H30*6f.(3H50*6
,9(
;9(58<030A(+69e

(
04(.,5
(
.9(5
,:*(3(
x,3
4(*96*6:46:y
:,
9,796+<*K(
(
7,8<,N(
,:f

H(3(
x,3
40*96*6:46:yb
/(*0,5+6
(:K
,8<07(9()3,
36
36*(3
(
36
<50=,9:(3e

 5
(8<,3
<50=,9:6
/64,6:;C;0*6
@
69.C50*6
5(+(
+,:(-0()(
3(
05-050;<+

:@
76+,9
+,
06:e
<
=,9+(+
8<,+()(
*65-094(+(
769
36
8<,
*<(38<0,9(

K76+K(
6):,9=(9
@
769
36
8<,
:,
/()K(
,?7,904,5;(+6
,5
,3
7(:(+6e
6:
:,9,:
/<4(56:
=,K(5
36:
*0,36:
.09(9
,5
<5
46=040,5;6
(7(f
9,5;,4,5;,
*09*<3(9
769
,5*04(
+,
:<:
*(),A(:b
@
(:K
,:
*P46
:,
+,-050P

H3
;0,476e
65-0()(5
,5
8<,
3(:
*6:(:
-<,9(5
+0-,9,5;,:
+,
3(
;0,99(b

+65+,
(3.<5(:
*6:(:
7,:(+(:
*(K(5
(3
:<,36b
40,5;9(:
8<,
6;9(:
56
36

/(*K(5e
6:
*<,976:
:P30+6:
(*;<()(5
+,
-694(
+0-,9,5;,
(
36:
3K8<0+6:


6
(3
(09,e
(
-036:6-K(
(90:;6;H30*(
,?730*()(
,:(
+0-,9,5*0(
,5;9,
,3
*64f
769;(40,5;6
;,99,:;9,
@
,3
*,3,:;,e
(:
,:-,9(:
,:;()(5
*647<,:;(:
769

<5
:636
,3,4,5;6
xH;,9yb
*<@6
46=040,5;6
5(;<9(3
,9(
*09*<3(9b
@
8<,

76+K(
:,9
4C:
+,5:6
6
4,56:b
7,96
5<5*(
*(4)0()(
:<:;(5*0(34,5;,e

6:
*0,36:
,9(5b
*646
,3
796706
06:b
,;,956:
,
054<;()3,:e
6:
*64,f
;(:
8<,
(7(9,*K(5
+,
*<(5+6
,5
*<(5+6
,9(5
-,5P4,56:
4,;,6963P.0f
*6:
,5
3(
(3;(
(;4P:-,9(e
(
;0,99(b
,5
*(4)06b
,:;()(
*647<,:;(
769
 '
 ./-0$q)

'
-$./$)
+0-,9,5;,:
,3,4,5;6:
x;0,99(b
(09,b
-<,.6b
(.<(y
*<@6
*64769;(40,5;6b

46=040,5;6
@
;9(5:-694(*065,:
,:,5*0(3,:
+,-05K(5
3(:
+0-,9,5*0(:
,5f
;9,
<56
@
6;96e
(
*6473,10+(+
+,
3(
4(;,90(
;,99,:;9,
,9(
*65:0+,9()3,b

7,96
56
05-050;(e
:;()(
96+,(+(
769
,3
H;,9
*,3,:;,
@
:<
;9(5:-694(*0P5

@
46=040,5;6
,9(5
3040;(+6:e
6+6
,9(b
,5
9,3(*0P5
*65
;6+6
36
+,4C:b

36*(3e
6:
*<,976:
7,:(+6:
76+K(5
*(,9b
7,96
:<
=,36*0+(+
,9(
+,-050+(

@
(*()(9K(5
,5*65;9(5+6
-05(34,5;,
,3
3<.(9
+,
+,:*(5:6
8<,
,3
<50f
=,9:6
3,:
+0*;()(e
6:
:P30+6:
76+K(5
30*<(9:,
@
36:
3K8<0+6:
,=(769(9f
:,b
7,96
:<
5<,=6
:;(+6
,9(
,3
8<,
:<
r-694(s
+,-05K(
@
69+,5()(e
6

76+K(
/(),9
*6:(:
;(3,:
*646
,3
=(*K6b
@(
8<,
,3
,:7(*06
40:46
8<,+(f
)(
+,-050+6
769
36
8<,
+()(
-694(
(
<5
*<,976d
365.0;<+b
(5*/<9(
@

(3;<9(e
6:
(<;69,:
,:*63C:;0*6:
05*3<:6
(;90)<K(5
(
3(
5(;<9(3,A(
<5
&-V
00-0
4!3'
z/69969
(3
=(*K6{b
<5(
-<,9A(
769
3(
8<,
3(
5(;<9(3,A(
:,
9,:0:f
;K(
(
7,940;09
8<,
5(+(
8<,+(9(
():63<;(4,5;,
=(*K6e
3
;076
+,
5(;<9(3,A(
8<,
:,
-<,
*65-0.<9(5+6
+<9(5;,
,3
:0.36
?=0

@
3(
7904,9(
40;(+
+,3
?=5
,9(
+0-,9,5;,e
9(
<5(
*695<*670(
;(5
+0f
=,9:(
8<,
56
;,5K(
*()0+(
*65*,7;<(3b
4,;6+63P.0*(
50
05:;0;<*065(3
,5

<5(
*0,5*0(
;(3
*646
36:
(90:;6;H30*6:
,5;,5+K(5
,:,
;H94056e
6:
5(;<f
9(30:;(:
+,3
:0.36
?=0
:,
*65*,5;9()(5
,5
,3
+,:*<)9040,5;6
+,
36
7(9;0f
*<3(9b
8<,
,9(
,5
7(9;,
+,
36
8<,
:,
6*<7()(5
3(
-03636.K(
@
3(
7(3,6.9(f
-K(
/<4(50:;(e
3
;H94056
.90,.6
r/0:;690(s
:0.50-0*()(
r(79,5+0A(1,

4,+0(5;,
3(
05=,:;0.(*0P5sb
@
3(
/0:;690(
5(;<9(3
-694()(
7(9;,
+,
3(

9,;P90*(
+,3
r+,:*<)9040,5;6se
(
/0:;690(
5(;<9(3
(5;0.<(
4C:
*656*0f
+(
,9(
3(
+,
30506
,3
0,16e
06:*P90+,:b
4H+0*6
.90,.6
(3
:,9=0*06
+,3

,1H9*0;6
964(56
@
*65;,4769C5,6
+,
30506b
;(4)0H5
*65-,**065P
<5(

,5*0*367,+0(
+,
73(5;(:b
(504(3,:
@
405,9(3,:
*65
:<:
<:6:
4H+0*6:e

4)(:
6)9(:
(;9(1,965
3(
(;,5*0P5
+,
36:
,+0;69,:
/<4(50:;(:e
5
,3

4<5+6
+,
3(
4,+0*05(
:,
796+<16
<5(
*65*,5;9(*0P5
:0403(9
,5
36
7(9f
;0*<3(9e
6:
4H+0*6:
:0,479,
/()K(5
(56;(+6
36:
:K5;64(:
8<,
,5*65f
;9()(5
(3
+0(.56:;0*(9
36:
4(3,:
+,
:<:
7(*0,5;,:c
7,96
,5
36:
;,?;6:
9,f
,+0;(+6:
+,3
(5;0.<6
4H+0*6
.90,.6
07P*9(;,:
+,:*<)90,965
<5
+6*;69

*3K50*6
8<,
05:0:;K(
,5
36:
:K5;64(:
+,
<5(
,5-,94,+(+
x796.56:0:y
769

,5*04(
+,3
+0(.5P:;0*6
+,
:<:
*(<:(:e
3
,:;<+06
+,
36:
+,;(33,:
+,
3(
5(;<9(3,A(
:,
+,90=()(
+,
36:
796706:

;,?;6:e

-05
+,
,:;()3,*,9
36
8<,
:0.50-0*()(5
3(:
7(3()9(:
<;030A(+(:
769

30506
@
06:*P90+,:
7(9(
*0,9;(:
73(5;(:b
;,5K(5
8<,
1,3(*065(9:,
*65

,1,4736:
+,3
4<5+6
9,(3b
36
8<,
9,8<,9K(
<)0*(936:e
,
46+6
7(9,*0+6b

3(:
6)9(:
+,
07P*9(;,:
,:;04<3(965
(
36:
4H+0*6:
(
,:*90)09
/0:;690(:

*3K50*(:
:6)9,
,3
,:;(+6
+,
:<:
7(*0,5;,:
@
(
,:;<+0(9
r*<9(:s
7(9;K*<3(f
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
9,:e
:;(:
T3;04(:
,:;()(5
(
4,5<+6
(:6*0(+(:
*65
-<,5;,:
;,94(3,:

*646
3(:
+,
(+<(e
(+(
)(35,(906
;,5K(
79670,+(+,:
*<9(;0=(:
,:7,*Kf
-0*(:
7(9(
,5-,94,+(+,:
7(9;0*<3(9,:e
3
40:46
;0,476b
/()K(
<5(
*9,f
*0,5;,
=(369(*0P5
+,
+,;,9405(+(:
73(5;(:
*65
7967P:0;6:
4,+0*05(3,:e

(:
-(*<3;(+,:
+,
4,+0*05(
;9(;()(5
+,
*65;963(9
3(:
(*;0=0+(+,:
+,
36:

)6;0*(906:b
79(*;0*(5;,:
*<@6
H?0;6
*64,9*0(3
(;,:;0.<()(
3(
,-0*(*0(
+,3

*656*040,5;6
(730*(+6
+,
73(5;(:
4,+0*05(3,:
xr:0473,:sy
@
3(
79,7(9(f
*0P5
+,
4,+0*05(:
xr*647<,:;6:sye
8<,33(
:<7,9=0:0P5
:0.50-0*()(
<5(

,4<3(*0P5
7(9(
36:
)6;0*(906:b
@
3(:
-(*<3;(+,:
+,
4,+0*05(
*64,5A(965

(
564)9(9
796-,:69,:
+,
)6;C50*(
4H+0*(b
8<,
:,
/()K(5
*65=,9;0+6
@(

,5
(3.6
*6990,5;,
/(*0(
3(
+H*(+(
+,
 ‘
‘Œe
(:
*<9(:
4,+0*05(3,:
,:;04<3(965
3(
*9,(*0P5
+,
1(9+05,:
)6;C50f
*6:e
(
*65-0.<9(*0P5
+,3
+,
3(
-(*<3;(+
+,
4,+0*05(
+,
(+<(b
05(<.<f
9(+6
,5
‘‘b
-<,
+090.0+(
769
,3
(98<0;,*;6
0;(30(56
(50,3,
C9)(96b

8<0,5
36
+0:7<:6
*09*<3(94,5;,
,5
;6956
(
<5(
,:7,*0,
+,
)(:;0P5
+,:+,

;0
8<,
36:
,:;<+0(5;,:
76+K(5
6):,9=(9
,3
4<5+6
+,
3(
5(;<9(3,A(b
9,7(9f
;0+6
,5
7(9*,3(:
.,64H;90*(4,5;,
+0:7<,:;(:e
40;(5+6
3(
(98<0;,*;<9(

4030;(9b
+0:;05;6:
;T5,3,:
6-9,*K(5
(**,:6
(
*(+(
<56
+,
36:
7(9;,99,:e
3

+0:,N6
05*3<K(
<5
3(),905;6
@
,:;()(
05:709(+6
,5
0;9<=06b
*<@(:
6)9(:

/()K(
,+0;(+6
C9)(96e
 3
73(5
,9(
05.,506:6b
7,96
04730*()(
8<,
36:

r04 73,:s
4,+0*05(3,:
*65:;0;<K(5
<5
4<5+6
*,99(+6
,5
,3
8<,
56
/()K(

-0(+(
769
+,:*<)909e
C:
(+,3(5;,
:,
+0:7<:0,965
1(9+05,:
)6;C50*6:
<50f
=,9:0;(906:
4C:
=(90(+6:e
3
*65:;9<0+6
,5
,0+,5
,5
‘•Œ
v :<
7904,9

+09,*;69
-<,
/(93,:
+,
3l:*3<:,
x(963<:
3<:0<:yv
;,5K(
*(7(*0+(+

1-;(9(
4C:
+,
403
73(5;(:
@
9,*05;6:
=(33(+6:
7(9(
796;,.,9
3(:
,:7,*0,:

4C:
9(9(:e
3
1(9+K5
+,
3(
50=,9:0+(+
+,
65;7,330,9
(796=,*/()(
+0f
:,N6:
+,
0,99,
0*/,9
+,
,33,=(3
7(9(
*9,(9
40*96*304(:
36*(3,:
@
(<f
4,5;(9
3(
=(90,+(+
+,
73(5;(:
8<,
:,
76+K(5
*<3;0=(9e
T,(
/050b
796-,:69
+,
)6;C50*(
4H+0*(
+,
3(
50=,9:0+(+
+,

0:(b
-<,
8<0AC
,3
7904,9
)6;C50*6
+,
<967(
,5
9,*63,*;(9
,:7,*K4,f
5,:
+,
73(5;(:b
(73(:;(936:
@
:,*(936:b
@
(
*65;05<(*0P5
7,.(93,:
<5(

;(91,;(
7(9(
-694(9
,3
,8<0=(3,5;,
(
<5
1(9+K5
)6;C50*6
,5
-694(
+0:,f
*(+(b
:<
r/,9)(906se
3
&-0231
1'!!31
xr/<,9;6
:,*6sy
9,:<3;(5;,
,9(
<5(

,5*0*367,+0(e
6:
/,9)(906:
+,
3(:
+H*(+(:
+,
‘Œ
@
‘Œ
9,<5K(5
(3f
9,+,+69
+,
”ŒŒ
73(5;(:
=(:*<3(9,:
x,:;6
,:b
*65
;,10+6:
7(9(
*65+<*09
,3

(.<(ye
5
’Ž
,3
*(;C36.6
+,3
)6;C50*6
+,
(:03,(
(:7(9
(</05
,5<f
4,9()(
4C:
+,
‘eŒŒŒb
4,5*065(5+6
05:;9<4,5;6:
7(9(
:<
<:6
(:K
*646

7(9(
3(
695(4,5;(*0P5b
9,-,9,5*0(:
*9<A(+(:
(
36:
/,9)(906:
+,
,:,
7,f
906+6
@
+0:;05;(:
0+,5;0-0*(*065,:
=,95C*<3(:e
30::,
3+96=(5+0b
796f
 '
 ./-0$q)

'
-$./$)
-,:69
+,
-P:03,:b
73(5;(:
@
(504(3,:
,5
63650(b
8<,
-<,
,3
4(@69
047<3f
:69
+,
3(
*9,(*0P5
+,
:<
1(9+K5
)6;C50*6
@
(<;69
+,
/0:;690(:
5(;<9(3,:b

+,:*90)K(
:<:
79670(:
*63,**065,:
x79,:,5;(+(:
,5
 ’  “
*646
,3
7904,9

4<:,6
*0,5;K-0*6
7T)30*6
+,
<967(y
*646
<5
r9,:<4,5
+,
3(
5(;<9(f
3,A(s
x,"#!&'-
" '
,230dU
6:
=0:0;(5;,:
36
*65:0+,9()(5
*646
3(

r6*;(=(
4(9(=033(
+,3
4<5+6se
:(:
*63,**065,:
:,
-694(965
(
7(9;09
+,3
05;,9*(4)06
769
*699,:f
765+,5*0(
,5;9,
36:
5(;<9(30:;(:
+,
05-694(*0P5
@
+,
,:7,*K4,5,:e
3

,:;<+06
+,
3(
5(;<9(3,A(
*<(30-0*()(
(
(3.<0,5
7(9(
3(
7,9;,5,5*0(
(
3(

r9,7T)30*(
+,
3(:
3,;9(:sb
<5(
*64<50+(+
=09;<(3
*<@(
*6476:0*0P5
:6f
*0(3
,9(
-3<0+(
x05*3<K(
)6;0*(906:b
4H+0*6:b
(*(+H40*6:b
0479,:69,:b

,+0;69,:b
.,5;03/64)9,:
03<:;9(+6:
@
(-0*065(+6:c
;(4)0H5
7(9;0*07(f
)(5b
4(9.05(34,5;,b
(3.<5(:
(90:;P*9(;(:ye
(9;,
+,3
(;9(*;0=6
7(9(
,:f
;<+0(9
3(
5(;<9(3,A(
+,
,:(
-694(
,:
8<,
,9(
054<5,
(
3(:
+0=0:065,:

763K;0*(:
@
9,30.06:(:
+,
<967(e
9(
04796)()3,
8<,
:<:
=09;<6:6:
-<,f
9(5
(*<:(+6:
+,
(;,K:46b
+(+6
8<,
x*646
,336:
40:46:
,5-(;0A()(5y

56
/(*K(5
4C:
8<,
+,:*<)909
3(:
/<,33(:
+,
06:
,5
3(
5(;<9(3,A(e
6:

796706:
5(;<9(30:;(:
,9(5
*65:*0,5;,:
+,
,:;(9
054,9:6:
,5
<5(
,479,:(

*63,*;0=(
@
+,
8<,
*(+(
<56
+,
,336:
56
76+K(
+6405(9
769
:,7(u(+6

;6+(
3(
+0=,9:0+(+
+,
3(
5(;<9(3,A(e
5
,3
79,-(*06
(
:<
/0:;690(
5(;<9(3

:6)9,
3(:
73(5;(:
9(9(:
,:7(N63(:
x0'-03+
*'/3-2
12'0.'3+
.#0
'1.V
+-1
- 1#04203+
&'12-0'b
‘“’yb
(963<:
3<:0<:
+,*K(
8<,
:,
:,5;K(

()9<4(+6
769e
3(
*65;05<(
33,.(+(
+,
5<,=6:
,:7,*K4,5,:e
<
*65;,4f
769C5,6
+90((5
=(5
+,5
70,.,3
:,
/(*K(
,*6
+,
,:6:
40:46:
:,5;0f
40,5;6:d
r05.<5(
4,5;,
/<4(5(b
769
+030.,5;,
8<,
:,(b
*65:,.<09C

5<5*(
<5
*656*040,5;6
7,9-,*;6
+,
;6+(:
3(:
73(5;(:b
7698<,
:<
=(90,f
+(+
,:
05-050;(se
(:
(5;636.K(:
+,
73(5;(:
c$*-0'*#%'-yb
,4(5*07(+(:
+,
3(
)6;C50*(

4,+0*05(3b
:,
/0*0,965
4C:
+,;(33(+(:
@
90*(4,5;,
03<:;9(+(:e
6:
.9(f
)(+6:
79,7(9(+6:
769
(5:
,0+0;A

7(9(
3(:
*3120!'-,#1
"#
*1
*,V
21
'41
c #0 03+
4'4#
#'!-,#1b
‘Žyb
+,
;;6
9<5-,3:b
76+K(5
:,9f
=09
7(9(
0+,5;0-0*(9
<5
,:7H*04,5
+,;,9405(+6e
(
'12-0'
230*
"#

*1
*,21
c#
&'12-0'
12'0.'3+R
‘Žy
+,
,65/(9;
<*/:
6-9,*K(
<5

+09,*;6906
,5
7,8<,N6
-694(;6
7(9(
<;030A(936
,5
3(:
:(30+(:
(3
*(476e

6:
$*-0'*#%'-
+,
.9(5
-694(;6
+,3
:0.36
?=<
:,
*65*,5;9()(5
,5
9,.06f
5,:
7(9;0*<3(9,:
6
05*3<:6
,5
+,;,9405(+6:
1(9+05,1e
6:
30)96:
*6f
990,5;,:
+,
)6;C50*(
:,
/0*0,965
,:,5*0(3,:
7(9(
8<,
36:
5(;<9(30:;(:
7<f
+0,9(5
4(5,1(9
,3
*9,*0,5;,
=63<4,5
+,
05-694(*0P5
(3
9,:7,*;6e
5
64(
,3
(90:;P*9(;(
,+,90*6
,:0
.(:;P
;6+(
:<
-69;<5(
,5
,3
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
 '
 ./-0$*)

'
-$./$)

7(;96*0506
+,
3(
5<,=(
*0,5*0(e
5
’Œ
-<5+P
3(
**(+,40(
+,0
05*,0b

;(:b
4,56:
:,.<9(
,9(
3(
)(:,
;(?65P40*(
8<,
6-9,*K(
:<
6):,9=(*0P5e

33(4(+(
(:K
769
@5*(,<:b
,3
(9.65(<;(
+,
(.<+(
=0:;(e
<:
40,4)96:

646
05:0:;K(5
(303,6
@
6;96:
-03P:6-6:
5(;<9(3,:b
3(
,=0+,5*0(
+,
36:

9,*63,*;()(5
,:7,*K4,5,:b
,?(405()(5
@
9,.0:;9()(5
36
8<,
=,K(5
@
:,

:,5;0+6:
,9(
+,4(:0(+6
:<)1,;0=(
7(9(
9,=,3(9
3(:
*65:;(5;,:
6*<3;(:
,5

*64<50*()(5
4<;<(4,5;,
:<:
+,:*<)9040,5;6:
*65
<5(
*907;6.9(-K(

,3
4<5+6
+,
3(
5(;<9(3,A(e
,:7,*0(3e
56
+,
,336:b
()06
63655(b
-<,
,3
7904,96
,5
<;030A(9
,3


36
8<,
,9(
*0,9;6
,5
)6;C50*(
36
,9(
;(4)0H5
,5
)0636.K(b
+65+,

(.<(-<,9;,
7(9(
.9()(9
3(:
03<:;9(*065,:
+,
73(5;(:b
36
8<,
*65=,5K(

30)96:
:6)9,
7,*,:
x+,3
+0:;05.<0+6
4H+0*6
+,
65;7,330,9
<033(<4,

4C:
8<,
,3
.9()(+6
,5
*6)9,
(
:<
469-636.K(
@
;,?;<9(e
(303,6
(303,0

65+,3,;y
@
7C1(96:
x+,3
6950;P36.6
@
=0(1,96
-9(5*H:
0,99,
,365y

-<,
,3,.0+6
40,4)96
+,
3(
*(+,40(
,5
 ’   e
:7,9()(
8<,
:<
7(;96f
+,:*90)K(5
3(:
,:7,*0,:
(
7(9;09
+,
3(:
6):,9=(*065,:b
9,3(*065(5+6
36

*0506
796;,.0,9(
:<:
+,:*<)9040,5;6:
(:;965P40*6:
@
,5
’Ž
,5=0P
(

8<,
,5*65;9()(5
*65
36
+,:*<)0,9;6
769
36:
(5;0.<6:
@
+(5+6
:,5;0+6

:<:
*63,.(:
:<
-!!&'*',-
x40*96:*6706ye
5=09;0,5+6
3(
;,*5636.K(
+,3

*646
4,169
76+K(5
(
36:
9,3(;6:
40;63P.0*6:
@
3(
;,479(5(
-(5;(:K(

;,3,:*6706b
(303,6
3,:
796769*065P
(:K
<5(
-694(
+,
+,:*<)909
8<,
3(

*90:;0(5(e
 3
(-965;(9
3(
5(;<9(3,A(
,?P;0*(
+,
-<,9(
+,
<967(b
56
6):f
5(;<9(3,A(
,9(
(T5
4C:
=(90(+(
+,
36
8<,
<56
76+K(
6):,9=(9
(
:0473,

;(5;,b
:,
=,K(5
6)30.(+6:
(
r+,:5<+(9s
36:
6)1,;6:
+,
3(
5(;<9(3,A(
8<,

=0:;(d
r ,
=0:;6
,:6:
(504(3T5*<36:
,5
36:
.9(56:
+,
8<,:6b
36
8<,
,5

/(:;(
,5;65*,:
/()K(5
=,:;0+6
*65
:0.50-0*(+6:
,4)3,4C;0*6:e
+,f
=,9+(+
*65:;0;<K(
<5(
*6:(
(:64)96:(se
6:
(*(+H40*6:
<;030A(965
,3

4C:b
3(
4<3;0730*(*0P5
+,3
9,056
(504(3
73(5;,()(
<5
796)3,4(
7(9(
36:

40*96:*6706
7(9(
,:;<+0(9
3(:
(),1(:e
3
,4)3,4(
+,
36:
(9),9050b
<5(

-03P:6-6:
5(;<9(3,:
8<,
;9(;()(5
+,
04(.05(9
*P46
/()9K(
76+0+6
:,9
,3

76+,96:(
-(4030(
+,
369,5*0(b
,9(5
;9,:
(),1(:b
@
(--,6
(9),9050
:,

(9*(
+,
6He
(:
/0:;690(:
)K)30*(:
:6)9,
,3
1(9+K5
+,3
+H5b
3(
;699,
+,

/()K(
*65=,9;0+6
,5
,3
7(7(
9)(56

,5
(.6:;6
+,
’Že
6:
305f
(),3b
,3
;,4736
+,
(364P5
@
,3
+03<=06
,9(5
;64(+(:
*646
+,-050;6f

*H(56:
56
76+K(5
7,9+,9
3(
6769;<50+(+
7(9(
+,46:;9(9
(3
765;K-0*,

90(:
+,3
76;,5*0(3b
7,96
;(4)0H5
+,
3(:
3040;(*065,:b
+,3
*656*040,5;6

8<,
76+K(5
:,9=09
(3
79,:;0.06
7(7(3
*65
+,:*<)9040,5;6:
+,3
76+,9
+,

/<4(56
@
+,
:<
(**,:6
(3
69+,5
*9,(+6e
(:
7(9;0*<3(90+(+,:
+,
*(+(

06:
,5
3(
5(;<9(3,A(e
 3
79,-(*06
+090.0+6
(3
5<,=6
(7(
,5
3(
 #*'11-V

/0:;690(b
(3
:,9
,?(405(+(:b
73(5;,()(5
4C:
79,.<5;(:
+,
3(:
8<,
9,:f
%0.&'
x’Ž‘y
,?730*()(
8<,
r/(5
:<9.0+6
.9(5+,:
403(.96:
zeee{
@
,3

765+K(5e
3
(*646+6
+,
3(:
5<,=(:
,:7,*0,:
,5
,3
9*(
+,:(-0()(
3(:

616
/(
(79,5+0+6
(
;,5,9
4(@69
-,se
5
:<:
7<)30*(*065,:
36:
305*H(56:

3,@,:
+,
3(
-K:0*(e
05*3<K(5
7,;0*065,:
7(9(
8<,
:,
;63,9(9(
:<
5<,=6
,5-68<,e
3
40*96:f
(
:()0+<9K(
*65=,5*065(3
+,*K(
8<,
36:
-03P:6-6:
5(;<9(3,:
,:;(f
*6706
7,5,;9()(
4C:
(33C
+,
36
:<7,9-0*0(34,5;,
=0:0)3,
7(9(
9,=,3(9

)(5
r9,*<7,9(5+6s
,3
*656*040,5;6
+,
36:
(5;0.<6:e
3
.9()(+6
+,
3(

8<,b
,5
3(
,:;9<*;<9(
:<)@(*,5;,b
3(
5(;<9(3,A(
:,
+,:*64765K(
,5
-69f
769;(+(
+,
3(
'12-0'
3,'4#01*
"#
*1
.*,21
c '12-0'
.*,20@,
3,'V
4(:
.,64H;90*(:e
(
9,;K*<3(
+,
36:
616:
+,
3(:
(),1(:
9,796+<*K(
3(:

4#01*'1d
+,
(:7(9
(</05
@
:<
*63,.(
)6;C50*6
+,
(:03,(
6/(55

*,3+(:
/,?(.65(3,:
+,
:<:
*634,5(:e
5
3(:
*(97,;(:
+,
.9()(+6:
+,
36:

,0590*/
/,93,9b
7<)30*(+6
,5
’ ‘ Œ f’ ‘ b
46:;9()(
<5
1(9+K5
96+,(f
305*H(56:b
36:
+0)<16:
+,
36:
*69;,:
;9(5:=,9:(3,:
9,-3,1()(5
:<
*65*,5f
+6
769
(5;0.<6:
:()06:
x,6-9(:;6b
06:*P90+,:b
30506b
(3,56y
*<@6

;9(*0P5
,5
,:(:
,:;9<*;<9(:
05;,95(:e
,1,4736
/()K(
05:709(+6
(
36:
r46+,956:se
5
9,(30+(+b
,47,96b
,:;6:


7905*0706:
+,3
:0.36
 
3(:
*3(:0-0*(*065,:
+,
:,5;0+6
*64T5
+,

T3;046:
,:;()(5
+,:*<)90,5+6
5<,=6:
*656*040,5;6:
*65
5<,=6:
4Hf
3(
-369(
@
3(
-(<5(
,47,A(965
(
,5;9(9
,5
*90:0:e
6:
4H;6+6:
+,
36:
5(f
;6+6:e
(
/0:;690(
5(;<9(3
04730*()(
3(
9,*63,**0P5
+,
r9(9,A(:s
+,
,?f
;<9(30:;(:
05:0:;K(5
,5
3(
04769;(5*0(
+,
3(:
+,:*907*065,:
@
3(:
+0-,9,5f
;9(N6:
3<.(9,:e
3
/(33(A.6
+,
,:7,*K4,5,:
9,8<,9K(
=0(1(9b
@
36:
4H+0f
*0(:
469-63P.0*(:b
8<,
765K(5
+,
9,30,=,
3(
+0=,9:0+(+
,5
3(
5(;<9(3,A(

*6:
+090.K(5
,?7,+0*065,:
)6;C50*(:
,5
3(:
8<,
33,=()(5
(
:<:
+0:*K7<36:

7,96
56
(@<+()(5
(
:<
*3(:0-0*(*0P5e
(
564,5*3(;<9(
+,
3(:
73(5;(:b
(

(
3<.(9,:
+,:(*6:;<4)9(+6:e
3.<56:
5(;<9(30:;(:
=0(1(965
-<,9(
+,

3(
8<,
050*0(34,5;,
(N(+K(
*65-<:0P5
3(
73H;69(
+,
=(90(5;,:
=,95C*<f
<967(
x9(5*0:*6
,95C5+,A
(
H?0*6b
,65/(9+
(<> 63-
(
90,5;,

3(:b
:,
:<):<40P
.9(+<(34,5;,
,5
*3(:0-0*(*065,:
.,5H90*(:e
3
*656*0f
9P?046b
96:7,9
37056
(
.07;6b
 (9+(
+(
9;(
(
51 0(yb
7,96
3(
4(f
40,5;6
36*(3
:,
/0A6
(3.6
4C:
<50=,9:(3b
7,96
3(
*3(:0-0*(*0P5
(
7(9;09
+,

@69K(
+,
36:
(504(3,:
@
73(5;(:
+,3
4<5+6
4C:
(33C
+,3
,:7(*06
,<967,6

36
8<,
<56
76+K(
6):,9=(9
:<7,9-0*0(34,5;,
x*6369b
;,?;<9(b
;(4(N6y

:636
,9(
*656*0+(
05+09,*;(4,5;,b
(
;9(=H:
+,
36:
05-694,:
@
,:7,*K4,f
7(9,*K(
/(),9
+,1(+6
+,
:,9
-9<*;<6:(e
<(5;6
4C:
=,K(5
36:
5(;<9(30:f
5,:
796769*065(+6:
769
36:
=0(1,96:e
<5
(:Kb
,3
9,:<3;(+6
,9(
<5(
.9(5
 *. -1$q)

'
/$ --
4
'*.
$ '*. ŽŽ“
 '
 ./-0$*)

'
-$./$)

(*<4<3(*0P5
+,
+(;6:
:6)9,
3(:
,:7,*0,:
8<,
56
;,NK(
,8<0=(3,5;,
,5
36:

5,:
:,
*65=09;0,965
,5
6)1,;6
+,
,:7,*<3(*0P5
*64,9*0(3e
(
.,5;,
,:;(f
9,.0:;96:
+,
3(
(5;0.U,+(+e
5*3<K(
469:(:
+,
<:0(
*65
,?;9(N6:
*63f
)(
+0:7<,:;(
(
7(.(9
79,*06:
*636:(3,:
769
=(90,+(+,:
)9033(5;,4,5;,

40336:b
8<,
56
:,
7(9,*K(5
(
505.T5
(504(3
8<,
36:
,<967,6:
/<)0,9(5

*6369,(+(:
@
9(9(:
7(9(
765,93(:
,5
:<:
1(9+05,:
@
,5
:<:
=,5;(5(3,:b

=0:;6
(5;,:b
56;()3,:
73(5;(:
*(95K=69(:
+,
<+(4H90*(
@
(=,:
+,3
7(f
/(:;(
8<,
(8<,33(
)<9)<1(
,:7,*<3(;0=(
,:;(33P
,5
’“e
9(K:6
8<,
:<7<,:;(4,5;,
56
;,5K(5
7(;(:
7698<,
5<5*(
:,
76:()(5
,5

(:
*69;,:
+,
36:
79K5*07,:
(304,5;()(5
,3
05;,9H:
769
36
,?P;0*6e

;0,99(e
(
/0.<,9(
+,
,5.(3(
x'!31
',"'!d
;,5K(
9(4(:
8<,
*9,*K(5
(
3(

()K(
1(9+05,:
A663P.0*6:
7(9(
3,65,:b
;0.9,:b
705;(+(:
@
7(=6:b
,5(f
=,A
/(*0(
(990)(
@
/(*0(
()(16e
56:b
)<-65,:
@
(<;P4(;(:
+,
;6+6
;076e
(:
9(9,A(:
,9(5
(;,:69(+(:

3
76;,5*0(3
7(9(
5<,=(:
*<9(:
4H+0*(:
7(9,*K(
05-050;6e
3
4H+0*6

*646
9,308<0(:
9,30.06:(:
@
:,
*65=09;0,965
,5
7(9;,
+,3
)6(;6
+,
3(

,:7(N63
0*63C:
65(9+,:
7<)30*P
<5
,:;<+06
+,
73(5;(:
4,+0*05(3,:

(<;690+(+
:,*<3(9
@
,*3,:0C:;0*(b
"'4#02'11#+#,21
-9,5;,
(3
()<99040,5;6

/(33(+(:
,5
,3
<,=6
<5+6e
<
30)96
'12-0'
+#"'!',*
"#
*1
!-11
/3#

+,
3(
=0+(
,5
3(
*69;,e
6:
*63,**0650:;(:
(90:;6*9C;0*6:
@
*69;,:(56:
:,

1#
20#,
"#
,3#1201
,"'1
!!'"#,2*#1
x‘’‘b
‘’ • b‘“ y
05*3<K(
,3
790f
=,K(5
(;9(K+6:
769
,3
76+,9
:6)9,
,3
4<5+6
5(;<9(3
8<,
3,:
796769*06f
4,9
05-694,
:6)9,
36:
),5,-0*06:
;,9(7H<;0*6:
+,
36
8<,
36:
,:7(N63,:

5()(5
:<:
r76:,:065,:se
0<:,77,
()90,30b
+(5+6
:<
3,**0P5
05(<.<f
33(4()(5
r;()(*6sc
:,
;9(+<16
(3
05.3H:
*65
,3
67;040:;(
;K;<36
- 7 $3 **

9(3
*646
796-,:69
+,
r4(;,90(
4H+0*(s
,5
3(
50=,9:0+(+
+,
,99(9(

#5#1
-32
- $
2&#
#5#
-3,"#
-0*"#
@
-<,
7<)30*(+6
,5
‘“”e
(:;(
,3

,5
‘b
05:0:;K(
,5
8<,
:<
;,4(
r56
,9(
T50*(4,5;,
7(9(
/64)9,:
/<f
:0.36

56
*64,5A(965
36:
5(;<9(30:;(:
(
;,5,9
<5(
,?7,90,5*0(
+0f
403+,:
@
46+,:;6:b
:056
7(9(
.,5;,
+,
;6+(
*3(:,
:6*0(3
+,:,6:(
+,
76f
9,*;(
:<-0*0,5;,4,5;,
(4730(
+,3
4<5+6
(3,1(+6
+,
<967(b
/(:;(
,5f
+,9
763K;0*6b
908<,A(b
56)3,A(
@
*656*040,5;6b
9,@,:b
,47,9(+69,:
@

;65*,:
*65*,7;<(+6
*646
r,?;9(N6sb
@
*65
,33(
3(
*(7(*0+(+
7(9(
(0:3(9

79K5*07,:se
.9(+,*K(
(
36:
79K5*07,:
+ l:;,
:<
7(;96*0506b
@
+,*K(
8<,

3(:
-(3:,+(+,:
8<,
:<
=0:0P5
,4)3,4C;0*(
+,
3(
5(;<9(3,A(b
769
56
/(f
3(
/0:;690(
5(;<9(3
/()K(
(3A(+6
r:<
*(),A(
+,:+,
3(:
;050,)3(:
4C:
796f
)3(9
+,
3(:
-<,5;,:
05(+,*<(+(:
+,
05-694(*0P5b
/()K(
7,97,;<(+6e
-<5+(:s
7(9(
*65=,9;09:,
,5
r3(
T50*(
*0,5*0(
+,
690.,5
+0=056b
,5;9,f
,96
;(4)0H5
+,)K(5
79,:;(9
(;,5*0P5
(
3(
5(;<9(3,A(
4C:
*,9*(5(e

.(+(
(
36:
/64)9,:
769
36:
+06:,:se
659(+
,::5,9
:<)K(
(
3(:
465;(N(:
(
9,*6.,9
4(;,90(3
7(9(
:<
/0:;6f
6:
.6),95(5;,:
*647,;K(5
,5;9,
:K
7(9(
(:,.<9(9:,
,3
:,9=0*06

90(
)6;C50*(e
,:*90)K(
3(
*<4)9,
+,3
465;,
03(;<:
*,9*(
+,
<*,95(

+,
36:
5(;<9(30:;(:e
5
‘
6:4,

+,
,+0*0b
7904,9
.9(5
+<8<,
+,

h*646
<5
5<,=6
7(9(K:6e
6:
1(9+05,:
:,
*65=09;0,965
,5
<5
9,;096
5(;<f
6:*(5(b
36.9P
8<,
T,(
/050
:,
;9(:3(+(9(
+,:+,
63650(
/(:;(
0:(

9(3
7(9(
36:
-03P:6-6:e
6
,9(
,5
3(:
(<3(:
+,
3(
<50=,9:0+(+
6
,5
3(:
7Cf
7(9(
69.(50A(9
@
*<0+(9
:<
1(9+K5
)6;C50*6e
3
7(7(+6
7,9*0)0P
3(:
76:0f
.05(:
+,
90:;P;,3,:
+65+,
:,
0)(
,5*69-;9(9
3(
=,9+(+
:6)9,
3(
5(;<9(3,f
)030+(+,:
+,
79,:,5;(9:,
*646
*(),A(
+,
<5(
90:;0(5+(+
.36)(3
8<,

A(b
:056
,5
36:
1(9+05,:b
3(:
*6*05(:b
,3
*(476
@
36:
.()05,;,:
+,
36:

()(9*()(
;6+(
3(
5(;<9(3,A(e
5
3(
+H*(+(
+,
‘’Œ
0*/,3,
,9*(;0
-<,

*63,**0650:;(:e
 3
,:7(*06
+,
,:;<+06
7(9(
3(
5(;<9(3,A(
:,
(4730()(
@

05=0;(+6
(
*9,(9
,3
1(9+K5
)6;C50*6
+,3
7(7(+6
@
:<7,9=0:(9
:<
4<:,6

;(4)0H5
36
/(*K(
:<
(<+0,5*0(e
 3
*9,*040,5;6
+,
36:
1(9+05,:
,5
3(:
*0<f
405,9(3P.0*6
x3(
#2**-2)#!dU
 3
4(,:;96
+,
,9*(;0b
5+9,(
,:(3f

+(+,:
-<,
9,:<3;(+6
+,
3(
,?7(5:0P5
+,3
,:7(*06
<9)(56b
7,96
(3
40:46

7056b
8<,
/()K(
:<*,+0+6
(
T,(
/050
,5
3(
*C;,+9(
+,
0:(b
+,1P
(
36:

;0,476
:,
+,:(99633(965
3(
/69;0*<3;<9(
@
3(
(9)690*<3;<9(
*646
(-0*06f
,+0*0
7(9(
<509:,
(3
7,9:65(3
+,3
(7(
+,:7<H:
+,
3(
4<,9;,
+,
,9*(f
5,:
+,
36:
90*6:d
,3
+640506
:6)9,
3(
5(;<9(3,A(
:,
,?79,:()(
4,+0(5;,

;0
,5
‘• b
/()0,5+6
(+8<090+6
@(
<5(
56;()3,
9,7<;(*0P5
769
:<
79,f
,3
051,9;6
+,
C9)63,:
-9<;(3,:
6
,3
*<3;0=6
+,
/K)90+6:e
6:
30)96:
:6)9,
3(

*0:(
*3(:0-0*(*0P5
+,
3(:
73(5;(:b
(:K
*646
<5(
+,:*907*0P5
+,
3(
*09*<f
5(;<9(3,A(
(;9(K(5b
4C:
(33C
+,
36:
(-0*065(+6:
(
3(
)6;C50*(b
(
<5
(4f
3(*0P5
+,
3(
:(5.9,
8<,
79,-0.<9()(
,3
+,:*<)9040,5;6
+,
0330(4

7306
4,9*(+6
+65+,
36
,?P;0*6
@
56=,+6:6
,5
3(
5(;<9(3,A(
.,5,9()(

(9=,@e
(9(
56
8<,+(9
(;9C:b
,307,

69+,5P
(3
4H+0*6
,95(5+6

,5;<:0(:46e
5
64(
,3
:(*,9+6;,
1,:<K;(
06=(550
(;;0:;(
,99(90

,95C5+,A
8<,
=0(1(9(
(
H?0*6
7(9(
9,*63,*;(9
(33K
73(5;(:b
(504(3,:

7<)30*P
3(
7904,9(
6)9(
+,+0*(+(
(
3(:
-369,:
695(4,5;(3,:
c#
*-03+

@
405,9(3,:e
5
“’
,5=0P
’
.9(5+,:
=63T4,5,:
(
17(N(b
1<5;6
*65

3*230b
’ye
5*3<K(
=(90(:
03<:;9(*065,:
+,
3(
r6:(
+,
/05(s
c 'V

403,:
+,
,:7,*K4,5,:
,
03<:;9(*065,:b
,5*(9.(+(:
(
5(;0=6:
(A;,*(:e

'1!31
+32 '*'1yb
*<3;0=(+(
769
7904,9(
=,A
,5
<5
(4)0,5;,
,<967,6
@

8<,3
4(;,90(3
,9(
;(5
+0=,9:6
8<,
3(5.<0+,*0P
,5
3(
)0)306;,*(
+,3
:f
8<,
*(4)0()(
+,
*6369
(
36
3(9.6
+,3
+K(e
5
36:
(K:,:
(16:
36:
;<307(f
*690(3b
(<58<,
7(9;,
+,
H3
:0.<0P
*(4056
(
64(b
+65+,
-<,
7<)30*(+6
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
769
36:
305*H(56:e
5;9,;(5;6b
36:
(360:
7(;96*05(965
3(
*(99,9(
+,
:<

:<7,9=0:69
+,
3(
63,**0P5
,(3
+,
<906:0+(+,:
+,
65;(05,)3,(<b

5+9H
/,=,;e
<9(5;,
,3
:0.36
:0.<0,5;,
6/(5
(<90;:
=(5
(::(<f

0,.,5
*9,P
<5
A663P.0*6b
<5
1(9+K5
)6;C50*6
@
<5
4<:,6
,5
r<,=(

63(5+(s
x9(:03
5,,93(5+H:ye
5*(9.P
(
,69.
 (9.9(-
8<,
9,+(*;(f
9(
<5(
/0:;690(
5(;<9(3
x7<)30*(+(
,5
’”yb
*670(:
+,
3(
*<(3
<;030A()(

*646
9,.(36:e
6:
(9;0:;(:
+,
*69;,
79,:,5;()(5
,3
4<5+6
5(;<9(3
,5

-694(:
:,+<*;69(:
7(9(
:<
(<+0,5*0(e
(*676
0.6AA0
,5
369,5*0(b

,6+696
/0:0
,5
3(
*69;,
+,
(5;<(
@
0<:,77,
9*04)63+6
(3
:,9=0f
*06
+,
36:
,47,9(+69,:
(?04030(56

@
6+63-6
b
,=6*()(5
,3
4<5f
+6
5(;<9(3
*646
<5(
=K(
+,
,:*(7,
+,
3(:
+0=0:065,:
763K;0*(:
@
9,30.06f
:(:b
40,5;9(:
8<,
36:
(9;0:;(:
+,
3(
,:*<,3(
+,
65;(05,)3,(<
*9,()(5

=0:065,:
,:73,5+696:(:
+,
3(
()<5+(5*0(
+,
3(
5(;<9(3,A(b
*<@(
908<,A(

(7(9,*K(
*646
<5(
4,;C-69(
+,
3(
.,5,96:0+(+
:05
3K40;,:
+,
3(
465(9f
8<K(
-9(5*,:(e
(
9,*63,**0P5
+,
6)1,;6:
5(;<9(3,:
,9(
<5(
6*<7(*0P5
*647(9;0+(

@
<5
4,+06
7(9(
,5;,5+,9
@
(
7(9;09
+,
(/K
,?736;(9
3(
5(;<9(3,A(e
6:

1(9+05,:
)6;C50*6:
@
36:
;,(;96:
+,
(5(;64K(
(+8<09K(5
r.()05,;,:
+,

*<906:0+(+,:se

36:
4H+0*6:b
)6;0*(906:
@
-03P:6-6:
5(;<9(3,:
:,
<5K(5

*3H90.6:
+,
3(
65;9(99,-694(
x*646
,3
1,:<K;(
;/(5(:0<:
09*/,9b

-<5+(+69
+,3
4<:,6
+,3
633,.06
64(56y
@
4(.0:;9(+6:
x*646
0f

*63(:f3(<+,
()90
+,
,09,:*
,5
0?f,5f96=,5*,yb
(
4,+0+(
8<,
:,

(4730()(
@
796-<5+0A()(
,3
(-C5
*63,**0650:;(e
6:
.()05,;,:
4(@69,:

@
4C:
=(90(+6:
9,8<,9K(5
9,*<9:6:
7905*07,:*6:e
6:
4C:
*,3,)9(+6:
(

-05(3,:
+,3
:0.36
?=0
,9(5
,3
+,3
7(3(*0r
+,
36:
65A(.(
,5
(5;<(b
,3

+,3
*/36::
4)9(:
,5
55:)9<*2b
79670,+(+
+,3
(9*/0+<8<,
,95(5+6


+,3
0963b
@
36:
+,
36:
,47,9(+69,:
(?04030(56

,5
0,5(
@
 6f
+63-6

,5
9(.(e
:;,
T3;046
,9(
;(5
,5694,
8<,b
+,:7<H:
+,
:<
4<,9f
;,b
:<
:<*,:69
,3
,47,9(+69
(;K(:
7,9:<(+0P
(
:<:
/,94(56:
+,
8<,
3(

*63,**0P5
+,)K(
:,9
/,9,+(+(
(
7(9;09
+,
,5;65*,:
769
,3
40,4)96
4C:

(5;0.<6
+,
3(
-(4030(
@
4(5;,50+(
,5
<5
;,:696
,:7,*0(3e
      :
 

 
,5;96
+,3
*65:,5:6
(90:;6;H30*6
4,+0,=(3
:0,479,
,9(
76:0)3,
8<,
3(

5(;<9(3,A(b
(<58<,
6),+,*0,9(
:<:
79670(:
r9,.3(:sb
796+<1,9(
9,:<3;(f
+6:
(**0+,5;(3,:d
50N6:
*65
:,0:
+,+6:b
*64,;(:
,5
,3
*0,36b
,;*e
(3,:
 '
 ./-0$q)

'
-$./$)
:<*,:6:
76+K(5
:,9b
*646
3(:
:,8<K(:b
73(.(:
+,
3(5.6:;(b
4(50-,:;(*06f
5,:
(5.H30*(:
@
:<,N6:
796-H;0*6:
+,
3(
0)30(b
:,N(3,:
+,
06:
(
:<
7<,f
)36
,3,.0+6e
,96
76+K(5
:,9
;(4)0H5
6)9(
+,3
+0()36b
*<@(
/()030+(+

7(9(
,5=0(9
r-(3:6:
796-,;(:s
;,5K(
;(4)0H5
(76@(;<9(
,5
3(
0)30(e
 06f
3,5;6:
769;,5;6:
7,9;<9)()(5
3(
5(;<9(3,A(
@
769
,:6
,9(
-<,9;,
3(
;,5;(f
*0P5
+,
(;90)<K9:,36:
(
(3.<5(
-<,9A(
+0()P30*(e
(
(7(90*0P5
+,
r465:f
;9<6:s
x.,4,36:
:0(4,:,:b
769
,1,4736y
,9(
;9(5:.9,:69(b
36
8<,

05+0*()(
8<,
:<
9,:765:()3,
,9(
(;(5C:e
,96
;(4)0H5
,9(
76:0)3,

8<,
3(
5(;<9(3,A(
796+<1,9(
r4(9(=033(:s
8<,
,9(5
:0473,4,5;,
r796f
+0.06:s
79,;,95(;<9(3,:
x*65;9(
,3
69+,5
5(;<9(3
+,
3(:
*6:(:y
4C:
8<,

:6)9,5(;<9(3,:
x403(.96:
+,
690.,5
+0=056ye
(
*<,:;0P5
,9(
*P46
:,

+,)K(5
3,,9
,:6:
:0.56:
+,3
4<5+6
5(;<9(3e
:(
*<,:;0P5
,9(
*65:,*<,5*0(
+,3
H5-(:0:
,5
3(
7(9;0*<3(90+(+
@
9(f
9,A(
,5
3(
5(;<9(3,A(b
@
56
:,
9,:63=0P
/(:;(
+,:7<H:
+,
’‘Œe
9(
;(4f
)0H5
<5
,-,*;6
*65*640;(5;,
+,3
,:-<,9A6
769
():69),9
-,5P4,56:

5<,=6:
@
(7(9,5;,4,5;,
+0=,9.,5;,:
+,
-<,9(
+,
<967(e
3
<,=6

<5+6
,9(
054,5:6b
7,96
;(4)0H5
4(9(=0336:6
@
465:;9<6:6e
(

465:;9<6:0+(+
:,N(3()(
3(
9<7;<9(
+,
36
/,9,+(+6~„
*(;,.69K(:
+,3
:,5f
;0+6
*64T5
,5
3(:
8<,
:,
/()K(5
*3(:0-0*(+6
/(:;(
,5;65*,:
3(
-369(
@
3(

-(<5(b
(:K
*646
36:
:<*,:6:
5(;<9(3,:e
3
H5-(:0:
,5
36:
r796+0.06:s
+,

3(
5(;<9(3,A(
,9(
6;9(
-694(
+,
,?79,:(9
,3
,4)69965(40,5;6
+,
*(;,f
.69K(:
,5;9,
36
8<,
,9(
r5(;<9(3s
@
36
8<,
56
36
,9(e
5
36:
.()05,;,:
+,

*<906:0+(+,:
/()K(
(
4,5<+6
r465:;9<6:0+(+,:s
*<@(:
+,-6940+(+,:

,9(5
6)1,;6
+,
,:7,*<3(*0P5e
(
*63,**0P5
+,
36:
65A(.(
,5
(5;<(

05*3<K(
<5
7,990;6
,4)(3:(4(+6
*65
+6:
*<,976:
@
<5
-,;6
/<4(56
*65

*<(;96
616:
@
+6:
)6*(:e
5
,3
*(:;0336
+,
4)9(:
:,
,?/0)K(
<5(
705;<f
9(
+,
<5
r/64)9,
:(3=(1,sc
,3
05+0=0+<6
,5
*<,:;0P5
796=,5K(
+,
3(:
:f
3(:
(5(90(:b
@
;(5;6
H3
*646
:<:
/01(:
:<-9K(5
+,
<5(
4(3-694(*0P5

.,5H;0*(
8<,
+()(
3<.(9
(
3(
:6)9,()<5+(5*0(
+,
<5
,:7,:6
=,336
:6)9,

,3
*<,976b
36
8<,
36:
*65=,9;K(
,5
6)1,;6:
+,
,:7,*<3(*0P5
:6)9,
<5
)(9f

)(90:46
465:;9<6:6e
<(5+6
36:
305*H(56:
+0:,*()(5
<5(
9(;(
/,94(f

-96+0;(
6
,:;<+0()(5
<5
7633<,36
+,-694,b
56
/()K(
-694(
+,
+0:;05.<09

3(:
9(9,A(:
+,
3(
5(;<9(3,A(
+,
:<:
(),99(*065,:e
(
30;,9(;<9(
:6)9,
465:;9<6:
@
796+0.06:
099<470P
(5;,:
+,
3(
,f
-694(
796;,:;(5;,b
,:7,*0(34,5;,
,5
,3
569;,
+,
;(30(
@
3,4(50(e
5

<5
*9,:*,5+6
+,
9,;P90*(
:6)9,
3(
5,*,:0+(+
+,
9,-694€,:7090;<(3
@
*6f
56*040,5;6
+,
3(
0)30(b
36:
(*65;,*040,5;6:
05-9,*<,5;,:
6
,?;9(69+0f
5(906:
,9(5
05;,979,;(+6:
*646
4(50-,:;(*0P5
+,
3(
*P3,9(
+,
06:

*65;9(
,3
7,*(+6
/<4(56e
(9,*K(
,:;(9
,5
1<,.6
3(
7,9=0=,5*0(
40:4(
 *. -1$q)

'
/$ --
4
'*.
$ '*. Ž
+,3
*90:;0(50:46e
5-694,:
0479,:6:
+,
465:;9<6:
@
769;,5;6:
.,5,9(f
)(5
3(
0479,:0P5
+,
8<,
:,
,:;()(5
4<3;0730*(5+6e
(
,-694(
796;,:f
;(5;,b
(*673(+(
*65
3(
05;,5:0-0*(*0P5
+,
3(
(4,5(A(
;<9*(
x05;,979,;(+(

*646
(=0:6
+0=056
:6)9,
3(
05405,5;,
+,:(7(90*0P5
+,
3(
90:;0(5+(+y

;9(5:-694P
3(
*<3;<9(
+,
36:
465:;9<6:
@
796+0.06:e
6:
(3(94(5;,:

(*65;,*040,5;6:
8<,
(*647(N(965
(
3(
,-694(
796;,:;(5;,
,5
 3,f
4(50(
7(9,*K(5
05+0*(9
(
:<:
:,.<0+69,:
8<,
06:
3,:
(5<5*0()(
3(
33,f
.(+(
+,
36:
3;046:
K(:e
r:
3(
/69(
+,
3(
T3;04(
H76*(b
*<(5+6
36:

=(5.,306:
9,:<,5(5
@
.90;(5
*65;9(
,3
(7(sb
,:*90)0P
<;,96e
<
(+f
=,9:(906
6/(55,:
6*/3(,<:
79,:,5;()(
(
<;,96
,5
‘Ž•
*646
3(

),:;0(
+,
:0,;,
*(),A(:
+,3
*(7K;<36

+,3
76*(307:0:e
6:
7967(.(5f
+0:;(:
3<;,9(56:
9,:765+K(5
*65
,3
r465:;9<6
7(7(3
+,
3(:
:0,;,
*(),f
A(:sb
<5
.9()(+6
,5
,3
8<,
(7(9,*K(
<5(
),:;0(
70:6;,(5+6
*65
:<:
.(f
99(:
36:
=(5.,306:
40,5;9(:
:<:
-(<*,:
x*646
3(:
+,
<5
3,P5b
,5

9,-,9,5*0(
(3
7(7(
,P5
 y
(4,5(A()(5
;9(.(9:,
7(K:,:
,5;,96:e
(

(.0;(*0P5
+,
3(
,-694(
:,5:0)030AP
(
36:
*65;,4769C5,6:
-9,5;,
(
36:

:0.56:
+,
3(
5(;<9(3,A(b
05+<*0H5+63,:
(
7,5:(9
8<,
36
8<,
,:;()(
:<*,f
+0,5+6
-694()(
7(9;,
+,
<5
73(5
+0=056
796=0+,5*0(3e

4,+0+(
8<,
:,
0)(5
796-<5+0A(5+6
3(:
*65;96=,9:0(:
+,
3(
,-69f
4(
796;,:;(5;,b
36
40:46
:<*,+K(
*65
,3
+,)(;,
:6)9,
465:;9<6:b
796f
+0.06:
@
769;,5;6:e
6:
796;,:;(5;,:
36:
=,K(5
*646
:,N(3,:
+,
(+=,9f
;,5*0(
+0=05(:b
7,96
36:
*(;P30*6:
36:
05;,979,;()(5
*646
(9;04(N(:
+,3

+0()36e
(:
;,5:065,:
9,30.06:(:
33,=()(5
(
(4)6:
)(5+6:
(
(4730(9
,3

C4)0;6
+,
3(
05;,9=,5*0P5
:6)9,5(;<9(3
@
(
9,-69A(9
3(
+0:;05*0P5
,5;9,

36
8<,
:,
76+K(
(;90)<09
(
-<,9A(:
+0=05(:
@
36
8<,
:,
76+K(
,?730*(9
769

099,.<3(90+(+,:
+,
3(
79670(
5(;<9(3,A(e
(:
/0:;690(:
5(;<9(3,:
+,
769f
;,5;6:
@
796+0.06:b
4<3;0730*(+(:
+,:+,
-05(3,:
+,
3(
+H*(+(
+,
‘‘Œb

*65;90)<@,965
(
<5(
:,5:(*0P5
+,
(5:0,+(+
(76*(3K7;0*(e
<:
(<;69,:

+,:(99633(965
<5(
7:,<+6*0,5*0(
+,
r;,9(;6:*670(s
x,3
,:;<+06
+,
36:

796+0.06:
,5
3(
5(;<9(3,A(ye
(:7(9
,<*,9b
7(90,5;,
+,
/03077
,3(5*/f

;/65b
7<)30*P
,5
‘
‘
<5(
:K5;,:0:
;9(;(5+6
+,
+0:;05.<09
3(:
r796-,*K(:

:(.9(+(:s
+,
3(:
r79,+0**065,:
5(;<9(3,:s
@
+,
3(:
r(:;<*0(:
+,
(;C5se

<
6)1,;0=6
,9(
+,46:;9(9
8<,b
(<58<,
,3
+0()36
/()K(
=0*0(+6
3(:
*,9;0f
+<4)9,:
+,
3(
(+0=05(*0P5b
/()K(
;6+(=K(
:0.56:
@
769;,5;6:
8<,
+,f
)K(5
(;90)<09:,
(
06:e
5
(:03,(
659(+
@*6:;/,5,:
7(:P
=,05;,

(N6:
*64703(5+6
<5(
*9P50*(
+,
796+0.06:
@
769;,5;6:
cU0-"'%'-03+
!

-12#,2-++
!&0-,'!-,b
‘‘“yc
<;030A()(
05+0:;05;(4,5;,
36:
;H94056:
r:0.56sb

r796+0.06sb
r403(.96s
@
r4(50-,:;(*0P5s
7(9(
9,-,909:,
(
(*65;,*0f
40,5;6:
=063,5;6:b
/6990)3,:
6
,?;9(N6:b
;6+6:
,336:
:,N(3,:
:6)9,N(f
 '
 ./-0$q)

'
-$./$)
;<9(3,:e

+(+6
8<,
<5(
+H*04(
7(9;,
+,
36:
8<,
9,.0:;9P
;<=0,965

3<.(9
,5;9,
 ‘
‘Œ
@
‘
‘“b
@*6:;/,5,:
+,+<*K(
8<,
,9(
,=0+,5;,
3(
(4,5(f
A(
8<,
:,
*,95K(
:6)9,
3(
90:;0(5+(+e
(
*651<5*0P5
,5;9,
3(
(.0;(*0P5

9,30.06:(
@
763K;0*(
@
3(
30;,9(;<9(
:6)9,
769;,5;6:
@
796+0.06:
:,
796f
365.P
/(:;(
3(
7904,9(
40;(+
+,3
:0.36
?=5 b
(<58<,
,5
36:
:(365,:
+,

36:
4'023-1'
+,
3(
5<,=(
*0,5*0(
:,
*65=09;0P
,5
<5
"'4#02'11#+#,2
*<3;<9(3

:6)9,
3(:
*<906:0+(+,:b
;,N0+6
+,
,:*,7;0*0:46e
5;9,
36:
8<,
,:;<+0()(5
*6990,5;,:
(3;,95(;0=(:
+,
3(
-036:6-K(
(5f
;0.<(
;(4)0H5
/()K(
,?730*(*065,:
,5*65;9(+(:
7(9(
36:
-,5P4,56:

05,?730*()3,:e
(:
6)9(:
+,
36:
,70*T9,6:b
,:;60*6:b
73(;P50*6:
@
70996f

50:;(:
:,
/0*0,965
(**,:0)3,:
,5
,+0*065,:
0479,:(:b
40,5;9(:
8<,
36:

/,)9(K:;(:
,?7369()(5
3(
-036:6-K(
,:6;H90*(
@
3(:
;H*50*(:
+,
3(
*C)(3(e

(
=0+(
@
6)9(
+,
90:;P;,3,:
(+8<090,965
<5(
7,9:7,*;0=(
/0:;P90*(
,5

,:,
7,9K6+6
+,
+,:*<)9040,5;6:
*3C:0*6:e
 3
*6)9(9
9,30,=,
3(:
(3;,95(f
;0=(:
(
3(
-036:6-K(
(90:;6;H30*(b
6-9,*0,965
<5(
)(:,
*9,K)3,
+,:+,
3(
8<,

(;(*(9
(3
796706
90:;P;,3,:e
6:
5,673(;P50*6:b
,5
7(9;0*<3(9b
7,5:(f
)(5
8<,
36:
r,-,*;6:
4(9(=0336:6:s
8<,
;,5K(5
3<.(9
,5
3(
5(;<9(3,A(

76+K(5
,?730*(9:,
4,+0(5;,
<5
46+,36
(3;,95(;0=,i
+,3e-<5*065(40,5;6

+,3
<50=,9:6e
?0:;K(5
-<,9A(:
=0;(3,:b
054(5,5;,:
,5
3(„5(;<9(3,A(b
8<,

56
:,
76+K(5
,?730*(9
,5
;H94056:
+,
3(:
*(;,.69K(:
(90:;6;H30*(:
+,
4(f
;,90(
@
-694(e
3
4<5+6
,9(
<5
r(504(3
:05;0,5;,se
(:
r(34(:s
+,
3(

5(;<9(3,A(
(504(+(
,9(5
05:;9<4,5;6:
+,
,:(:
,5,9.K(:e
:;(:
T3;04(:

x(
4,5<+6
33(4(+(:
.,#3+b
(
4,+06
*(4056
,5;9,
3(
4(;,90(
@
3(

4,5;,y
=05*<3()(5
,3
40*96*6:46:
(3
4(*96*6:46:b
30.(5+6
*6:(:

*697P9,(:
,
05*697P9,(:
,5
<5(
(9465K(
4K:;0*(
8<,
76+K(
:,9
+,;,*;(f
+(
769
<5
(+,7;6
05:;9<0+6
4,+0(5;,
,3
76+,9
+,
3(
4(.0(
5(;<9(3e


;9(=H:
+,
3(
4T:0*(b
3(:
4(;,4C;0*(:
@
3(
4(.0(
,:7090;<(3
@
7:0*63P.0*(b

,3
4(.6
76+K(
(**,+,9
(
<5
4<5+6
4C:
,3,=(+6
+,
-0.<9(:
,
05-3<,5f
*0(:
*,3,:;0(3,:
@
,5
H3
(
3(:
=,9+(+,:
4C:
796-<5+(:
8<,
06:
/()K(
:0f
;<(+6
,5
3(
5(;<9(3,A(e
(
(.,5+(
+,
3(
4(.0(
5(;<9(3
,9(
(4)0*06:(e
5
9,(30+(+b
36:
5,6f

73(;P50*6:
+0-,9K(5
,5;9,
:K
;(5;6
:6)9,
3(:
+,-050*065,:
*646
:6)9,
36:

+,;(33,:
+,
*P46
:,
76+K(
796*,+,9e
6
;,5K(5
<5(
73(;(-694(
*64T5e

69
:K
:636:
56
76+K(5
:<73(5;(9
,3
*65:,5:6
(90:;6;H30*6e
0,479,
,9(5

=<35,9()3,:
(
3(
(*<:(*0P5
+,
*/(93(;(5,9K(
,
0476:;<9(b
8<,
36:
79,f
:,5;()(
*646
.,5;,
,5.(N6:(
*65
3(
79,;,5:0P5
+,
,5;u5+,9
3(:
-<,9A(:

*,3,:;0(3,:
6*<3;(:c
7,96
:<
047(*;6
,9(
)(:;(5;,
9,(3b
(3
4,56:
/(:;(

8<,
/(*0(
’‘Œ
*64,5A(965
(
+,1(9:,
:,5;09
3(:
,?0.,5*0(:
+,
<5(
,?730f
*(*0P5
+,3
<50=,9:6
)(:(+(
,5
3,@,:
+,
3(
5(;<9(3,A(
4C:
;9(5:7(9,5;,:e
 *. -1$q)

'
/$ --
4
'*.
$ '*.

(:
,?730*(*065,:
5,673(;P50*(:
7(9,*K(5
,5*65;9(9
(76@6
,5
<5(
4(f
;,4C;0*(
4C:
76+,96:(b
*(7(A
+,
9,79,:,5;(9
9,3(*065,:
*6473,1(:
,5

-694(
.,64H;90*(
@
(3.,)9(0*(e
6:
(+,7;6:
+,
3(
5<,=(
-036:6-K(
8<Kf
40*(
;(4)0H5
,5*65;9()(5
,5
3(:
,?730*(*065,:
5,673(;P50*(:
<5
3,5f
.<(1,
@
<5(
=0:0P5
+,
3(
*6473,10+(+
(5040:;(
8<,
6-9,*K(
<5(
)(:,

7(9(
36:
05;,5;6:
+,
,?730*(9
36:
-,5P4,56:
8<K40*6:e
6:
5,673(;P50f

*6:
<;030A()(5
:<
(5;0(90:;6;,30:46
*646
73(;(-694(
9,;P90*(
8<,
3,:

+()(
=,5;(1(e
+,4C:b
6-9,*K(5
<5(
73H;69(
+,
,1,4736:
+,
*P46
-<5f
*065()(5
,5
3(
5(;<9(3,A(
:<:
,?730*(*065,:e
5:0:;K(5
,5
*(+(
6*(:0P5

,5
8<,
x(
+0-,9,5*0(
+,
36:
(90:;6;H30*6:y
:<
7967P:0;6
,9(
*65:,.<09

(3.6
79C*;0*6e
9,K(5
,5
36:
,?7,904,5;6:
@
36:
79(*;0*()(5e
69
,5*0f
4(
+,
;6+6b
36:
5,673(;P50*6:
;,5K(5
,?730*(*065,:
.,5H90*(:
7(9(
36:

-,5P4,56:
5(;<9(3,:
8<,
56
,?*3<K(5
,3
76+,9
+,
06:
,5
,3
<50=,9:6c

769
,3
*65;9(906b
:<
04(.,5
+,
<5(
5(;<9(3,A(
(504(+(
9,-69A()(
3(

e
:,5:(*0P5
+,
8<,
06:
,:;()(
*,9*(
*646
.9(5
(9;K-0*,
+,
3(
5(;<9(3,A(b

,1,9*0,5+6
3(:
-<,9A(:
+,
:<
<50=,9:6e
05
,4)(9.6b
@
769
,:(
40:4(

(AP5b
36:
5,673(;P50*6:
;,5K(5
8<,
(+40;09
8<,
;(3,:
-<,9A(:
=0;(3,:

76+K(5
:,9
(796=,*/(+(:
769
8<0,5,:
79,-,9K(5
:,9
05:;9<4,5;6:
+,3

+0()36c
@
,5
3(
(;4P:-,9(
4(508<,(
054,+0(;(4,5;,
76:;,9069
(
3(
,f
-694(b
,3
+0()36
:,
,:;()(
*65=09;0,5+6
,5
<5
,5,40.6
4C:
:0.50-0*(;0f
=6
,5
36
8<,
8<,+()(
+,
90:;0(5+(+e
5
‘


,0590*/
.9077(
7<)30*P
<5(
,+0*0P5
(4730(+(
+,
:<
 'V
*-1-$@
!3*2
c #
-!!3*2.&'*-1-.&'yb
8<,
,5
:<:
-9,*<,5;,:
9,0479,f
:065,:
@
;9(+<**065,:
/()K(
33,.(+6
(
<5(
+,-050*0P5
73(<:0)3,
+,
3(

r4(.0(
5(;<9(3se
.9077(
,9(
<5
/C)03:=<3.(90A(+69
8<,
*647,5+0()(

3(:
6)9(:
+,
36:
5,673(;P50*6:
0;(30(56:
x,:7,*0(34,5;,
+,
06=(550

0*6
+,33(
09C5+63(
@
(9:0306
0*056yb
36:
*()(30:;(:
1<+K6:b
,94,:

90:4,.0:;6b
0;C.69(:
@
696(:;96b
8<,
*656*0P
+<9(5;,
36:
:,0:
(N6:

8<,
7(:P
,5
,3
569;,
+,
;(30(
(3
:,9=0*06
+,3
047,906
,5;9,
 ‘Ž
@
‘ ” e

,*K(d
r:(
4(.0(
,:
5(;<9(3b
z@{
/()0,5+6
6):,9=(+6
3(:
-<,9A(:
+,

;6+(:
3(:
*6:(:
5(;<9(3,:
@
*,3,:;,:
@
/()0,5+6
,?(405(+6
*65
.9(5
,:f
-<,9A6
3(
:047(;K(
,5;9,
,:(:
*6:(:b
765,
(3
+,:*<)0,9;6
76+,9,:
6*<3;6:

,
05:,9;6:
,5
3(
5(;<9(3,A(se
(
r4(.0(s
,9(
36
8<,
r=05*<3(
*6:(:
)(1(:

*646
:0
-<,9(5
05*,5;0=6:
4C.0*6:
(
36:
+65,:
+,
*6:(:
4C:
(3;(:se


796:,.<K(d
r*<99,5
4(9(=033(:
(:64)96:(:b
56
;(5;6
769
(9;,
*646

769
5(;<9(3,A(b
(
3(
*<(3
v *<(5+6
3(
5(;<9(3,A(
6)9(
,:(:
4(9(=0f
33(:v
,:;,
(9;,
+,
3(
4(.0(
:,
6-9,*,
*646
:09=0,5;,se
(
4(.0(
56
,:
36
8<,
/(*,5
36:
4(.6:b
:056
36
8<,
3(
5(;<9(3,A(

9,(30A(
*65
:<
(@<+(e
3
+,:*90)09
3(
4(.0(
*646
,3
=K5*<36
,5;9,
*<,9f
 '
 ./-0$*)

'
-$./$)
76:
4C:
=03,:
@
4C:
,3,=(+6:b
.9077(
05:0:;K(
,5
3(
(:;9636.K(e
r (
4(f
.0(
,:;C
;(5
*65,*;(+(
@
<50+(
*65
3(
(:;9636.K(b
8<,
8<0,58<0,9(
8<,

796-,:,
3(
4(.0(
:05
(:;9636.K(
56
*65:0.5,
5(+(es
0A6
4C:
8<,
5(+0,

769
+(9
9,:7,;()030+(+
(
3(
-036:6-K(
r6*<3;0:;(s
+,3
:0.36
?=0e
(9(
03<:f
;9(9
,3
76;,5*0(3
+,
3(
4(.0(
5(;<9(3
05;,9*(3()(
,5
:<
-036:6-K(
+0=,9:6:

,?7,904,5;6:e
;030A()(
04(5,:b
/,306;9676:b
)(:030:*6:b
+9(.65,:b
9(f
@(:
,3H*;90*(:b
4(5+9(.69(:b
6706b
9(5T5*<36:
@
,:;9(.P5
7(9(
46:;9(9

36:
,?;9(N6:
76+,9,:
,?0:;,5;,:
,5
3(
5(;<9(3,A(
8<,
H3
(:,.<9()(
8<,

76+K(
,5;,5+,9
@
765,9
(
:<
:,9=0*06
4,+0(5;,
3(
4(.0(
5(;<9(3e
.9077(
:()K(
8<,
;(3
76+,9
76+9K(
*65=,9;09:,b
,5
4(3(:
4(56:b

,5
)9<1,9K(e
<
30)96
-<,
7<)30*(+6
+,:(-0(5+6
(
36:
058<0:0+69,:
+640f
50*6:b
(3,9;(:
(3
,:7,*;96
+,
3(
+,465636.K(
(
4,+0+(
8<,
0)(5
05*9,f
4,5;C5+6:,
3(:
7,9:,*<*065,:
+,
3(
)9<1,9K(e
.9077(
;<=6
,3
*<0+(+6

+,
05*3<09
,5
:<
,+0*0P5
9,=0:(+(
+,
 ‘’
<5(
9,+,-050*0P5
+,
3(
-036:6f
-K(
4C.0*(b
8<,
/()K(
7<)30*(+6
050*0(34,5;,
:0,;,
(N6:
(5;,:
*646

7(9;,
+,
- 0#
*
',!#02'"3+ 0#
7
4,'""
"#
*1
!'#,!'1
c#
',!#02'23"',#

#2
4,'22#
1!'#,2'03+yb
6;96
-(46:6
30)96
8<,
+,5<5*0()(
3(:
(9;,:
@

*0,5*0(:
/<4(5(:
x,:7,*0(34,5;,
3(
(:;9636.K(y
*646
05T;03,:b
7(9;0*<f
3(94,5;,
,5
4(56:
+,
;,P36.6:
,:*63C:;0*6:
@
*3H90.6:
C=(90*06:6:e› ,Kf

+6
,5
,3
*65;,?;6
+,
3(
,-694(
3<;,9(5(b
(
3(
8<,
:,
:,5;K(
05*305(+6b

36
8<,
7(9,*K(
8<,9,9
+,*09
,9(
8<,
56
/()K(
<5
*656*040,5;6
9,(3
4C:

(33C
+,
3(
-,
,5
3(:
:*90;<9(:e
65-965;(+6
*65
:<:
6705065,:
,5
'*-1-V
$@
!3*2b
+,1()(
7,973,16
(3
3,*;69
@
+()(
70,
(
3(:
(*<:(*065,:
+,
:<:

:<7<,:;6:
;9(;6:
*65
,3
+0()36e
3.<56:
+,;(33,:
:6)9,
,3
3,.,5+(906

+6*;69
(<:;6
:,
7<,+,5
(;90)<09
(3
796706
.9077(e
(
-036:6-K(
6*<3;0:;(
,9(
,:7,*0(34,5;,
05-3<@,5;,
,5;9,
,3
*9,*0,5f
;,
5T4,96
+,
7,5:(+69,:
56
*65-6940:;(:
+,
<967(
*<@(:
*(99,9(:

*646
4H+0*6:b
(38<040:;(:
@
(:;9P36.6:
3,:
796769*065()(5
<5(
73(;(f
-694(
7(9(
:<:
,:7,*<3(*065,:e
0963(46
(9+(56b
4H+0*6
-694(+6

,5
3(:
<50=,9:0+(+,:
+,
(=K(
@
(+<(b
:,
.(5P
.9(5
9,564)9,
*646

796-,:69
+,
4(;,4C;0*(:
,5
03C5
(5;,:
+,
050*0(9
<5(
,?0;6:(
79C*;0*(

4H+0*(e
(
;,5K(
.9(5
9,7<;(*0P5
*646
(3.,)90:;(
769
:<
05=,:;0.(*0P5

:6)9,
3(:
3,@,:
+,
3(
796)()030+(+
(5;,:
+,
7<)30*(9
- 0#
*
132'*#8
"#

*1
!-11
e#
13 2'*'22#
0#03+b
‘‘Œye
(
05;96+<**0P5
+,3
,+0;69
+,*K(

8<,
,3
30)96
6-9,*K(
(
:<:
3,*;69,:
r3(:
*(<:(:b
76+,9,:
@
79670,+(+,:
+,

4C:
+,
e‘ŒŒ
*6:(:
=(90(+(:b
05-9,*<,5;,:b
+0-K*03,:b
u›*<3;(:
@
),33(:se

3
796706
(9+(56
05:0:;K(
,5
8<,
3,,9
:<
30)96
,9(
*646
,5;9(9
,5
<5

.()05,;,
+,
*<906:0+(+,:b
(+=09;0,5+6
(
36:
3,*;69,:
+,
:<
,+0*0P5
+,

‘‘
x,5
3(
8<,
3(
*63,**0P5
:,
/()K(
(4730(+6
/(:;(
6-9,*,9
rŽeŽŒŒ
 *. -1$q)

'
/$ --
4
'*.
$ '*.

*6:(:
4<@
/,946:(:syd
r4<*/6:
36
3,,9C5b
7,96
76*6:b
:0
,:
8<,
(3.<f
56b
,5;,5+,9C5
;6+6
36
8<,
,:;C
,:*90;6
(8<Kse
(9+(56
,9(
<5
(:;9P36.6
:,906b
8<,
(730*()(
,3
*656*040,5;6
+,90f
=(+6
+,
:<:
6):,9=(*065,:
+,3
46=040,5;6
+,3
:63b
3(
3<5(
@
36:
73(5,f
;(:
*656*0+6:
7(9(
79,+,*09
@
,?730*(9
3(
/0:;690(
+,3
4<5+6
@
7(9(

*65-,**065(9
/69P:*676:
7(9(
36:
=0=6:
@
36:
4<,9;6:e
,96
;(4)0H5

*656*K(
36:
7,30.96:
8<,
,:6
:<765K(
7(9(
:<
9,7<;(*0P5e
<:
r90=(3,:s

76+K(5
r+(N(936s
:0
:<:
79,+0**065,:
9,:<3;()(5
:,9
-(3:(:e
0,479,
*6f
)9()(
*(5;0+(+,:
4<@
(3;(:
769
3(:
*65:<3;(:
(:;963P.0*(:b
(+=,9;K(b
@

5<5*(
7<)30*()(
505.<5(b
r7698<,
8<0,5,:
36
/(*,5
:,
.(5(5
4<@

4(3(
-(4(
(<58<,
:<:
79,+0**065,:
:,(5
*0,9;(:se
05
,4)(9.6
56
:0f
.<0P
:<
796706
*65:,16b
@
:<
7904,9(
7<)30*(*0P5
-<,
<5(
0-%,-12'!V
2'-,
x‘ye
(
.9(5
*651<5*0P5
+,
(;<956
@
T70;,9
8<,
;<=6
3<.(9

(8<,3
(N6
79,+,*K(
r8<,
,3
4<5+6
:<-909C
7965;6
<5(
;6;(3
9,56=(*0P5e

65,+
(;,5*0P5e
(
(.9(+(
:*90;<9(
@
3(
(:;9636.K(
56:
/(5
46:;9(f
+6
:05
76:0)030+(+
+,
+<+(
8<,
5<,:;9(
05:(*0()3,
9(7(*0+(+
33,.(9C

7965;6
(
:<
-05se
<(;96
(N6:
+,:7<H:
:,
*65=09;0P
,5
,3
7904,9
(:;9Pf
36.6
,5
7<)30*(9
<5(
*63,**0P5
+,
%#,'230#1
x/69P:*676:y
+,
.,5;,
-(f
46:(b
=0=6:
@
4<,9;6:b
)(:(+(:
,5
3(
+0:76:0*0P5
+,
36:
73(5,;(:
,5
,3

464,5;6
+,
:<
5(*040,5;6e
3
9,:<3;(+6
-<,
<5(
6)9(
30;,9(90(
796=6f
*(+69(b
,5
3(
8<,
,?765K(
36:
-(336:
@
-69;<5(:
+,
36:
-(46:6:
x,5;9,
36:

8<,
05*3<K(
(
,9P5b
<;,96b
<9,96
@
(=65(963(yb
(-094(5+6
8<,

*()K(
3,,936:
,5
3(:
,:;9,33(:e
(
6)9(
:<:*0;P
<5
*T4<36
+,
*9K;0*(:b

7,96
;(4)0H5
3,
796*<9P
3(
05=0;(*0P5
+,
*30,5;,:
7905*07,:*6:
x05*3<0f
+6
,3
9,@
+<(9+6

+,
5.3(;,99(yb
7,9:<(+0+6:
+,
8<,
,9(
4,169
*6f
56*,9
36
8<,
3(:
,:;9,33(:
3,:
+,7(9()(5
(5;,:
+,
8<,
:<*,+0,9(e
(9+(56
:,
+0:;(5*0P
+,
3(
-036:6-K(
5(;<9(3
(90:;6;H30*(e
:*90)0P

(5(
@
6;9(
=,A
:<
(<;6)06.9(-K(b
,?(405(5+6
:<
=0+(
*646
:0
:,
;9(;(9(

+,
<5
;,4(
*0,5;K-0*6
769
:K
40:4(e
6:
76+,9,:
6*<3;6:
;,5K(5
*65:,f
*<,5*0(:
7:K8<0*(:
@
-K:0*(:b
@
:<
05;,9H:
769
36:
:<,N6:
*646
r<5(
-69f
4(
(+409()3,
+,
(+0=05(*0P5s
,9(
;(5
*65:0+,9()3,
*646
:<:
;,69K(:
+,

3(
4,;676:*670(
x79,+0**065,:
+,3
*64769;(40,5;6
/<4(56
(
7(9;09

+,
3(:
*(9(*;,9K:;0*(:
+,3
96:;96y
@
3(
8<0964(5*0(
x79,+0**065,:
(
7(9f
;09
+,
3(
3,*;<9(
+,
3(
7(34(
+,
3(
4(56ye
646
.9077(b
,9(
*65:*0,5;,

+,3
,=,5;<(3
7,30.96
+,
8<,
,3
76+,9
4C.0*6
*(@,9(
,5
4(56:
4(3=(f
+(:e
5:0:;0P
,5
8<,
:636
:,
7<,+,
*65:0+,9(9
3,.K;046
;(3
*656*040,5;6

*<(5+6
:,
765,
,5
79C*;0*(
7(9(
4,169(9
3(
:0;<(*0P5
+,
3(
=0+(
/<4(f
5(e
5
‘
‘“
,3
;,?;6
+,
(9+(56
- 0#
*
132'*#'
-<,
(;(*(+6
769
6;96

-03P:6-6
5(;<9(3b
0<306
,:(9,
*(30.,96b
@
(9+(56
79,-090P
9,/<09
,3
Ž’ '
 ./-0$q)

'
-$./$)
+,:(-K6b
(9.<4,5;(5+6
8<,
/()K(
:0+6
3(
05:709(*0P5
4K:;0*(b
4C:
8<,

:<:
796706:
76+,9,:
+,
,?730*(*0P5b
3(
8<,
3,
/()K(
.<0(+6c
7,96
,:6
56

-<,
:<-0*0,5;,
7(9(
3(
58<0:0*0P5
+,
63650(b
8<,
36
,5*(9*,3P
,5
‘“Œ

769
/(),9
05;,5;(+6
(=,90.<(9
,3
/69P:*676
+,
90:;6e
3
4(.6
@
4(;,4C;0*6
6/5
,,b
+,
3(
*69;,
0:(),305(b
,9(
<5
*65f
*0,5A<+6
(:;9P36.6e
,:+,
:<:
+K(:
+,
,:;<+0(5;,
,5
6=(05(
,5
‘“

.<(9+()(
56;(:
:6)9,
3(:
76:0*065,:
73(5,;(90(:
7(9(
,3()69(9
/69P:*6f
76:
(
7(9;09
+,
,33(:e
5
:<
7904,9(
6)9(
7<)30*(+(
x<5
*651<5;6
+,

(-690:46:
:6)9,
(:;9636.K(
4(;,4C;0*(y
*647(9()(
,3
<50=,9:6
*65
3(:

9,:65(5*0(:
(94P50*(:
+,
<5(
309(e

*65;05<(*0P5b
:0.<0,5+6
3(:
/<,f
33(:
+,
.9077(b
,?7369P
3(
;9(+0*0P5
,:6;H90*(
1<+K(
+,
3(
*C)(3(e
:;(

,5:,N()(
8<,
3(
*9,(*0P5
796=,5K(
+,
3(
7,9-,**0P5
+,
06:b
4(;,90(30f
AC5+6:,
,5
<5
4<5+6
047,9-,*;6e
(:
3,;9(:
+,3
(3-(),;6
/,)9,6b
8<,

;(4)0H5
:09=,5
*646
5T4,96:b
,9(5
36:
)368<,:
,3,4,5;(3,:
+,
3(
*9,(f
*0P5
@
*3(=,
+,
3(:
:(.9(+(:
,:*90;<9(:e
65=09;0,5+6
3(:
7(3()9(:
,5

5T4,96:
@
<;030A(5+6
;H*50*(:
05;,979,;(;0=(:
*()(3K:;0*(:b
:,
76+K(5

+,;,*;(9
3(:
(9465K(:
5<4H90*(:
:<)@(*,5;,:
,5
,3
<50=,9:6e
-,1

'#0-%*7.&'!
x‘’yb
:<
6)9(
4C:
(*3(4(+(
+<9(5;,
:<
=0+(b
46:;9()(

8<,
<5
:K4)636
.,64H;90*6
x<5
1,96.3K-0*6y
,9(
<5
:K4)636
(
7(9;09
+,3

*<(3
76+K(5
*65:;9<09:,
;6+6:
36:
+,4C:e
65:;0;<K(
3(
*3(=,
+,
<5
:0:f
;,4(
:04)P30*6
@
:<
*65:0.<0,5;,
,?H.,:0:e
5
:<
2&#+2'!*
0#$!#

x‘“Œy
(
3(
767<3(9
;9(+<**0P5
(3
05.3H:
+,
,590
03305.:3,@
+,
36:
 *# V
+#,2-1
+,
<*30+,:b
,,
*65=09;0P
:<
4(507<3(*0P5
*()(3K:;0*(
+,
36:

:K4)636:
,5
<5(
,?/69;(*0P5
(
3(
(730*(*0P5
+,
3(:
4(;,4C;0*(:
7(9(
3(

)T:8<,+(
+,
;6+6
*656*040,5;6e
647(9;K(
,:,
6)1,;0=6
*65
6/(55,:
,73,9b
8<0,5
;9(:
()(5+6f
5(9
:<:
,:;<+06:
;,63P.0*6:
:,
6):,:065P
769
3(
(730*(*0P5
+,
3(:
4(;,f
4C;0*(:
(3
+,:*<)9040,5;6
+,
3(:
(9465K(:
*,3,:;0(3,:e
5:709(+6
769

<5(
=0:0P5
8<,
;<=6
40,5;9(:
,5:,N()(b
,73,9
*65*0)0P
<5
1,96.3K-0*6

(5C36.6
(3
+,
,,b
*65
,3
8<,
76+9K(
,?730*(9
769
8<H
06:
/()K(
+,*0f
+0+6
8<,
/<)0,9(
:636
:,0:
73(5,;(:
x*656*0+6:yb
@
*P46
/()K(
+,;,9f
405(+6
*<C3,:
+,)K(5
:,9
:<:
P9)0;(:e
,73,9
,9(
4(;,4C;0*6
,5
9(A

/(:;(
8<,
,5
’ŒŒ
=0:0;P
(3
4(;,4C;0*6
047,90(3
+,
6+63-6
b
@*/6

9(/,b
@
:,
*65=09;0P
,5
:<
(@<+(5;,e
9(:
3(
4<,9;,
+,
9(/,
<5
(N6

+,:7<H:b
3,
:<*,+0P
,5
:<
7<,:;6
,5
9(.(b
/,9,+(5+6
(:K
:<:
6):,9=(f
*065,:
73(5,;(90(:
x3(:
;()3(:
96+63-05(:ye
,73,9
)<:*P€05(
9,:7<,:;(
(

3(:
79,.<5;(:
:6)9,
,3
5T4,96
+,
73(5,;(:
@
:<:
P9)0;(:
8<,
,?730*(9(

769
8<H
3(:
*6:(:
,9(5
*646
,9(5
,5
,3
4<5+6
9,(3e
<
1,96.3K-0*6
,:;(f
)(
)(:(+6
,5
36:
*05*6
7630,+96:
9,.<3(9,:
r73(;P50*6:se
,.T5
36:
 (  '
 ./-0$q)

'
-$./$)
*. -1$q)

'
/$ --
4
'*.
$ '*.


+,3
:6306
765;0-0*06
+<9(5;,
,3
:0.36
?=0
8<,
;,5K(
(
:<
:,9=0*06
(
<5
(:f
7905*0706:
+,
3(
.,64,;9K(
,<*30+0(5(b
,:6:
,9(5
36:
T50*6:
6)1,;6:
;90f
;9P36.6
-016
,5
73(5;033(b
0*/,3
+,
6:;9,+(4,
x6:;9(+(4<:yb
8<0,5

+04,5:065(3,:
76:0)3,:
*65
;6+(:
3(:
*(9(:
0.<(3,:e
:Kb
*<(5+6
06:

(+8<090P
.9(5
9,7<;(*0P5
*646
79(*;0*C/;,
+,
3(
4,+0*05(
,5
(3P5

05:*90)0P
,:6:
:P30+6:
,5
3(:
,:-,9(:
+,
36:
73(5,;(:b
+,:+,
,3
*<)6
7(9(

x96=,5A(y
@
*64,5AP
(
+(9
(
*656*,9
:<
(34(5(8<,
(5<(3
,5
 ‘
‘Œb
@

(;<956
/(:;(
,3
6*;(,+96
7(9(
,9*<906b
:,0:
,9(
,3
T50*6
5T4,96
76f
+,:+,
‘‘‘
:<:
0-$#!@1
x6
#,230'1ye
(;(305(
+,
,+0*0b
,5;65*,:

:0)3,
+,
73(5,;(:b
@
:<:
P9)0;(:
,:;()(5
79,:*90;(:
x:,.<K(
<5(
04(.,5

9,05(
*65:69;,
+,
9(5*0(b
/()K(
:0+6
,+<*(+(
,5
3(
*69;,
+,
369,5*0(b

/,306*H5;90*(
*67,950*(5(
+,3
<50=,9:6y
769
3(:
-694(:
+,
,:6:
:P30+6:e

36
8<,
3(
79,+0:765K(
-(=69()3,4,5;,
(
3(
(:;9636.K(
1<+0*0(3
@
(3
76+,9

,73,9
79,:,5;P
,:(
r*T)(3(
.,64H;90*(s
,5
:<
'12#0'-
-1+-%0:$'!-

+,
3(
4(.0(
5(;<9(3e
0+0P
(
6:;9(+(4<:
8<,
79,7(9(9(
/69P:*676:

c712#0'3+
!-1+-%0.&'!3+b
 ‘•’ye
9,(3,:
7(9(
:<:
/016:e
<(5+6
:,
*65=09;0P
,5
9,05(
4(+9,
@
9,.,5;,
+,

9,:
(N6:
+,:7<H:
*64,5AP
:<
6)9(
4(,:;9(b
3(
0+-,@
"#*
 3,V
9(5*0(
*65-094P
:<
564)9(40,5;6
*646
4H+0*6
+,
3(
*69;,
@
3,
*65f
"-U
(
*6473,;P
@
7<)30*P
-05(34,5;,
,5
’ • b
(4730(5+6
:<
*65*,7f
:<3;()(
:6)9,
36:
464,5;6:
79670*06:
7(9(
:<
-(4030(e
 3
‘
+,
,5,96

*0P5
5,673(;P50*(
+,3
<50=,9:6
7(9(
05*3<09
3(
(9465K(
70;(.P90*(
+,
3(:

+,
‘‘•
;<=6
3<.(9
,5
5.3(;,99(
3(
*6965(*0P5
+,
3(
9,05(
:(),3b
:0f
,:-,9(:e
<
,?730*(*0P5
*64,5A()(
*65
<5
(5C30:0:
+,
3(
(9465K(
4<:0f
.<0,5+6
,3
/69P:*676
*65-,**065(+6
7(9(
,33(
769
,,e
(
9,05(
36

*(3e
(4)0H5
/()K(
<5
3(9.6
(7(9;(+6
:6)9,
3(:
(9465K(:
(:;963P.0*(:

;<=6
*,9*(
+,:+,
(8<,3
464,5;6b
7,96
;(4)0H5
(:,:69()(
(
3(
5.30:/

8<,
(-,*;()(5
(
3(
5(;<9(3,A(
:<)3<5(9b
7698<,
,73,9
,9(
<5
(:;9P36.6

<:*6=@
647(5@
@
(
36:
(=,5;<9,96:
8<,
*63650A()(5
69;,(4H90f
*65=,5*0+6b
(<58<,
*9K;0*6
/(*0(
3(
0+,(
:04730:;(
+,
8<,
3(:
*651<5f
*(e
<,1C5+6:,
+,
*(3<450(:
*65;9(
H3
@
796;,:;(5+6
8<,
,9(
056*,5;,

*065,:
73(5,;(90(:
+0*;(9(5
36
8<,
:<*,+K(
:6)9,
3(
;0,99(e
(9(
,5;65f
+,
79C*;0*(:
r76*6
*90:;0(5(:sb
,,
(*()P
905+0H5+6:,
(
36:
05*,5;0=6:

*,:b
@
*65
3(
-<,9A(
+,
:<:
79670(:
6):,9=(*065,:
(:;965P40*(:
@
3(:
+,

7964,;0+6:
769
<5
(90:;P*9(;(
763(*6
x3),9;
(20yj
8<0,5
36
(*,7;P

9(/,b
:,
/()K(
*65=,5*0+6
+,
8<,
3(:
P9)0;(:
73(5,;(90(:
56
,9(5
*09f
*646
,3
.9(5
4(.6
8<,
(:,.<9()(
:,9
@
*(@P
)(16
3(
05-3<,5*0(
+,
<5

*<3(9,:
:056
,3K7;0*(:b
7,96
;(4)0H5
*65:0.<0P
,?730*(9
,:;6
,5
,3
4(9*6

0476:;69
x+>(9+
(3)6;b
(30(:
+>(9+
,33,@y
8<,
:,
/(*K(
7(:(9
769

+,
:<
5,673(;650:46e
<5
4H+0<4
,:7090;<(3e
(9(
,5;,5+,9
36:
46=040,5;6:
+,
36:
73(5,;(:
(39,+,+69
+,3
:63b

,,
:,
+090.0P
,5;65*,:
(3
,47,9(+69
6+63-6

@
,5
(.6:;6
+,

,73,9
;<=6
8<,
9,*<9909
(
(3.6
7(9,*0+6
(
3(
-<,9A(
4(.5H;0*(b
;(3

‘”
,33,@
@
H3
:,
;9(:3(+(965
(
9(.(e
<=6
<5(
(<+0,5*0(
*65
,3
,4f
*646
/()K(
:0+6
05=,:;0.(+(
769
0330(4
03),9;b
4H+0*6
+,
:(),3
b

7,9(+69b
+0*0H5+63,
8<,
(
;9(=H:
+,
:<
4H+0<4
x ,33,@y
76+K(b
*65=,9f
,5
 # %,#2#
x’ŒŒye
(9*C:;0*6
*65
9,:7,*;6
(3
(79,5+0A(1,
(90:;6;Hf
:(9
*65
C5.,3,:
8<,
3,
+,*K(5
8<,
,9(
,3
796-,;(
,3,.0+6
769
06:e
-9,f
30*6b
03),9;
9,*656*K(
:<
+,<+(
/(*K(36:
79(*;0*(5;,:
+,
3(:
4(;,4C;0f
*0P
(3
,47,9(+69
;64(9
7(9;,
,5
,:(:
*65=,9:(*065,:e
0
6+63-6
:,

*(:
@
3(
5(=,.(*0P5
+,
65+9,:b
r8<,
/(5
05=,5;(+6
@
7<)30*(+6
05:f
(99,7,5;K(
+,
:<:
7,*(+6:
@
*9,K(
,5
,3
4,5:(1,
8<,
,,
3,
/(9K(
33,.(9b

;9<4,5;6:
4(.5H;0*6:
@
4H;6+6:
-C*03,:
+,
6):,9=(*0P5b
5,*,:(906:

;90<5-(9K(
:6)9,
:<:
,5,40.6:b
+,996;(9K(
(
36:
;<9*6:
@
:,
*65=,9;09K(

7(9(
,3
;9()(16
+,
36:
4(905,96:
@
8<0,5,:
/(*,5
3(9.6:
=0(1,:se
,96

,5
,3
4(@69
,47,9(+69
+,3
4<5+6e
3
,47,9(+69
3,
*65:,5;K(
:<
-(:*0f
-<,
(9+(56
8<0,5
36
33,=P
(
:<
r-036:6-K(
4(.5H;0*(sb
,5
3(
8<,
3(
;0,f
5(*0P5
769
36:
(<;P4(;(:b
:<
)T:8<,+(
+,3
4P=03
7,97,;<6b
:<
(38<040(

99(
,:;()(
+6;(+(
+,
<5(
,5,9.K(
6*<3;(
*646
<5
04C5
.0.(5;,b
=0=6
@

@
:<
79,+03,**0P5
769
3(:
*63,**065,:
405,9(3P.0*(:
@
)6;C50*(:b
33(f
8<,
.09()(
,5
;6956
(
:<
796706
,1,e
(9(
+,46:;9(936b
03),9;
9,*<990P

4(5+6
(
:<
*69;,
(
36:
-03P:6-6:
6*<3;0:;(:
@
(38<040:;(:
4C:
+,:;(*(+6:

(3
r40*96*6:46:s
+,3
4<5+6b
3(
70,+9(
04C5b
:09=0H5+6:,
+,
36:
05:;9<f
+,
:<
H76*(e
3.<0,5
33,.P
(
+,*09d
r<
4(1,:;(+
:636
:,
05;,9,:(
769
36:

4,5;6:
8<,
3,
796769*065(965
36:
5(=,.(5;,:
7(9(
33,=(9
(
*()6
r,?f
4(.6:b
(38<040:;(:b
*()(30:;(:
@
.,5;,
7(9,*0+(se
,,b
:05
,4)(9.6b
:,

7,904,5;6:s
x:<
;H94056
79,-,90+6y
*65
36:
8<,
,?730*(9
36
8<,
,:;6:

:,5;K(
+,:03<:065(+6e
6+63-6
8<,9K(
4(5;,5,9
3(
7(A
9,30.06:(
,5
3(

/()K(5
+,:*<)0,9;6
@(
769
:K
40:46:b
,5
*65*9,;6
3(
,?0:;,5*0(
+,3

-9C.03
:0;<(*0P5
763K;0*(
+,3
047,906e
,,
79,;,5+K(
*š17=,9;09:,
,5
4(f
69;,
4(.5H;0*6
@
3(
+,*305(*0P5
+,
3(
)9T1<3(
:,.T5
3(
365.0;<+e
.6f*65-,:69
+,3
,47,9(+69b
9,=,3C5+63,
:,*9,;6:
(
*(4)06
+,
3(
(**0P5

6:
(:;9P36.6:b
(:;9P5646:b
4(.6:
@
4(;,4C;0*6:b
(:K
*646
36:

@
,3
*6479640:6e
,96
,3
05;,9H:
+,
6+63-6
769
3(
4(.0(
796=,5K(
+,

*6:4P.9(-6:
@
5(;<9(30:;(:b
:,
*65=09;0,965
,5
-0.<9(:
9,:7,;(+(:
,5

3(
9,:0.5(*0P5
7(:0=(
@
,3
7,:040:46
,:7090;<(3e

05:;(5*0(:
+,3
5<5*06
3(:
*69;,:
,<967,(:e
 3
7(7(
()36

-<,
<56
+,
36:
=(906:
6*<7(5;,:
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
7(7(3b
8<,
,:;()(
*65=,5*0+6
+,
8<,
,,
,9(
<5
r03<:0650:;(
@
(38<0f
40:;(
,5
)(5*(996;(sb
,3
,47,9(+69
36
,?7<3:P
+,
:<
*69;,
,5
‘”’e
,;96:7,*;0=(4,5;,b
-<,
+<9(5;,
36:
T3;046:
(N6:
+,3
:0.36
?=0

*<(5+6
36:
(:;9P36.6:
(3*(5A(965
4(@69
9,:7,;()030+(+
,5
3(:
*69;,:

,<967,(:ec
:<
05-3<,5*0(
+,*(@P
(
7(9;09
+,
,5;65*,:e
(:
/64636.K(:

6*<3;(:
+,3
<50=,9:6b
+,
3(:
8<,
+,7,5+K(
:<
*0,5*0(b
7(9,*K(5
-<,9(
+,

3<.(9
6
099,3,=(5;,:
+<9(5;,
3(
<,99(
+,
36:
9,05;(
N6:b
*<(5+6

36:
*65-30*;6:
763K;0*6:
@
4030;(9,:b
*<@6
*<9:6
56
/()K(5
:()0+6
79,f
+,*09b
,9(5
;(5
054,+0(;6:e
<
*0,5*0(
9,8<,9K(
<5(
9,46+,3(*0P5
:<:f
;(5*0(3
7(9(
76+,9
:0;<(9:,
,5
<5(
*6:4636.K(
/,306*H5;90*(e
6:
4(f
;,4C;0*6:
6-9,*K(5
<5(
*0,5*0(
4C:
(730*()3,
@
:,.<9(b
@
56
:636
,5

9,3(*0P5
*65
3(
)(3K:;0*(e
(
(:;9636.K(
@
3(
(+0=05(*0P5
:,.<K(5
:0,5+6

767<3(9,:b
7,96
3(
(:;9636.K(
*<3;(
+0-K*034,5;,
76+K(
*647,;09
*65

36:
46+,36:
4,*C50*6:
+,3
<50=,9:6
8<,
(7(9,*0,965
(
9(KA
+,
3(
(*,7f
;(*0P5
.,5,9(30A(+(
+,
3(:
0+,(:
+,
67H950*6e
+,4C:b
3(
.3,:0(
 (f
;P30*(
*65;9(99,-694(+(
(99,4,;0P
+,*0:0=(4,5;,
+,
5<,=6
*65;9(
36:

7905*07(3,:
5,673(;P50*6:
,5
;6956
(3
*(4)06
+,
:0.36b
*65+,5(5+6

(+.
,:*90;6:
+,
:<
7905*07(3
-03P:6-6
x9(5*,:*6
/0*/0yb
8<,4(5+6
(

‡;96
x069+(56
9<56y
@
,5*(9*,3(5+6
(
<5
;,9*,96
x644(:6
(4f

7(5,33(ye
5*3<:6
,5
3(
<967(
796;,:;(5;,
:,
796+<16
<5
9,*/(A6
+,

(!.
-694<3(*065,:
6*<3;0:;(:
+,
:<:
79(*;0*(5;,:e
,7(:(5+6
3(
-,1

'#0-%*7.&'!
+,
,,b
,3
*3(:0*0:;(
796;,:;(5;,
:((*
(:(<)65
*65*,f
+K(
+,:,:7,9(+(4,5;,d
r6
7<,+6
,?;9(,9
+,
H3
505.T5
:,5;0+6
50
9(f
;P5
x-094,
6
:P30+(yse

7905*0706:
+,3
:0.36
?=5
3(
4(.0(
5(;<9(3
/()K(
(@<+(+6
(
9,:f

08<,)9(1(9
,3
*65:,5:6
(90:;6;H30*6e
6:
4(.6:
5(;<9(3,:
/()K(5
(4730(f
+6
,3
,:7(*06
05;,3,*;<(3
@
3(
9,:7,;()030+(+
05;,3,*;<(3
+,3
*656*040,5f
;6
79C*;0*6
@
,3
+,:*<)9040,5;6
@
/()K(5
*9,(+6
<5(
9,3(*0P5
4C:

76:0;0=(
,5;9,
03P:6-6:
@
79(*;0*(5;,:
;H*50*6:e
(
;9(+0*0P5
+,
3(
4(f
.0(
5(;<9(3
/()K(
(4730(+6
,3
C4)0;6
,
04769;(5*0(
+,
3(:
4(;,4C;0*(:

646
-694(
+,
,5;,5+,9
,3
<50=,9:6e

769
,5*04(
+,
;6+6b
3(
4(.0(

5(;<9(3
/()K(
*65;9(99,:;(+6
3(
;,5+,5*0(
79,+6405(5;,
+<9(5;,
,3
7,f
9K6+6
76:;,9069
(
3(
,-694(
(
*65:0+,9(9
;6+6
36
8<,
:<*,+K(
3,16:
+,

36
69+05(906
*646
<5
(*65;,*040,5;6
:6)9,5(;<9(3b
<5(
:,N(3
+,
(+f
=,9;,5*0(
+,
06:
6
<5(
-<,9A(
+,4650(*(e
(
4(.0(
(4730P
,3
,:7(*06

7(9(
,5;,5+,9
3(
5(;<9(3,A(e
'
 ./-0$q)

'
-$./$)
 ,

   
   
(:
/()030+(+,:
@
79C*;0*(:
(38<040:;(:
(+8<090,965
.9(5
04769;(5*0(e

9(5
,:,5*0(3,:
,5
3(
r+(+
+,
3(;(se
3
796*,:6
+,
(4(3.(4(
*65

4,9*<906
(5<5*0()(
3(
76:0)030+(+
+,
3(
;9(5:4<;(*0P5
+,
4,;(3,:
)(9(f
;6:
,5
6;96:
4C:
9(96:e
6:
67,9(+69,:
+,
3(:
*,*(:
(:K
*646
36:
73(;,96:

@
16@,96:
5,*,:0;()(5
3(:
;H*50*(:
+,
=(369(*0P5
@
*67,3(*0P5e
6:
*6f
56*040,5;6:
+,
36:
(38<040:;(:
,9(5
,:,5*0(3,:
7(9(
36:
-()90*(5;,:
+,

(94(:b
:(30;9,b
=0+906b
;05;(
7(9(
04790409b
3,1K(:
@
;05;,:e
(:
;H*50*(:
(3f
8<040:;(:
,9(5
;(4)0H5
*(+(
=,A
4C:
04769;(5;,:
,5
3(
4,+0*05(b
7,96

56
/()K(
*<(30-0*(*065,:
(38<040:;(:
-694(3,:e
(:
;H*50*(:
:,
(+8<09K(5

4,+0(5;,
<5(
*64)05(*0P5
+,
,?7,90,5*0(
@
3,*;<9(
+,
4<*/6:
4(5<(f
3,:b
;(5;6
36:
8<,
,?730*()(5
9,*,;(:
7(9;0*<3(9,:
*646
36:
*647,5+06:

+,
;,?;6:
(*9,+0;(+6:
x(
4,5<+6
C9(),:y
+,
3(
+(+
,+0(e
(
(38<040(
:,
*65=09;0P
;(4)0H5
,5
(3.6
4C:
8<,
<5
*651<5;6
= (f
906705;6
+,
;H*50*(:
@
796*,+040,5;6:e
65:;0;<@P
3()(:,
+,
<5(
-036:6f
-K(
@
<5(
4,+0*05(
8<K40*(:e
(
-036:6-K(
8<K40*(
:,
=05*<3()(
*65
3(

(:;9636.K(
@
3(
4(.0(
5(;<9(3b
6-9,*0,5+6
<5(
0+,(
+€06:
*646
8<K40f
*6
+0=056e
(
9,(*0P5
,9(
<5
796*,:6
8<K40*6b
@
,3
-05
+,3
4<5+6
:,9K(

:<
*<3405(*0P5
8<K40*(e
(
4,+0*05(
8<K40*(
+,:(-0()(
()0,9;(4,5;,

3(
79,,405,5*0(
+,
3(
.(3H50*(e
(
9,:7<,:;(
+,
3(
796-,:0P5
4H+0*(
-<,

;(5
/6:;03
*646
*()K(
,:7,9(9b
(796=,*/(5+6
3(
56;690,+(+
8<,
96+,()(

;9(+0*065(34,5;,
(
36:
(38<040:;(:
@
(*<:C5+636:
+,
-9(<+,e
(
:<,9;,

+,
3(
4,+0*05(
@
3(
-036:6-K(
8<K40*(:
,:;()(
05,?;90*()3,4,5;,
30.(+(
(

3(
+,
3(
,-694(
796;,:;(5;,
@
,5
7(9;0*<3(9
(
<5(
7,9:65(e
,
;9(;()(
+,
/,67/9(:;<:
64)(:;<:
=65
6/,5/,04b
8<0,5
:,

79,:,5;()(
,5
<5(
;,479(5(
7<)30*(*0P5b
3(:
0#"'!!'-,#1
0-,3,!'"1

1- 0#
30-.
x‘Ž• yb
*646
r(9(*,3:<:sb
,:;6
,:b
r769
,5*04(
+,
 ,3f
:6s
,3
4H+0*6
+,
3(
(5;0.<(
64(e
5
:<
=0+(
@
*(99,9(
9,*/(AP
,3
*6f
56*040,5;6
79,=(3,*0,5;,e
(*0+6
,5
05:0,+,35b
<5
7,8<,N6
7<,)3,f

*0;6
*,9*(
+,
T90*/b
,5
‘ŒŽ
:,
;9(:3(+P
1<5;6
*65
:<
7(+9,
=0<+6b
8<,

,9(
4H+0*6b
(
<:;90(b
+65+,
;9()(1P
*646
(79,5+0A
,5
3(:
405(:
+,

73(;(
+,
36:
<..,9
(5;,:
+,
-694(9:,
*646
4H+0*6b
:,9=09
*646
*09<f
1(56
,5
,3
,1H9*0;6
@
*65=,9;09:,
,5
4H+0*6
@
796-,:69
,5
3(
50=,9:0f
+(+
+,
(:03,(b
(796=,*/(5+6
:<
,?7,90,5*0(
,5
7<)30*(*065,:
:6)9,

3(:
,5-,94,+(+,:
+,
36:
405,96:b
5<,=(:
-694(:
+,
;9(1,(9
3(:
/,90+(:
@

3(
*<9(
+,
3(
:K-030:e
96*3(4P
8<,
,3
*656*040,5;6
56
796=,5K(
+,
36:

;,?;6:
4H+0*6:
:056
+,
3(
.,5;,
*6990,5;,
xr56
4,
(=,9.U,5A(
(79,5+,9

+,
36:
=(.()<5+6:b
*(950*,96:
@
)(9),96:sy
@
3(
,?7,90,5*0(
79C*;0*(
 *. -1$q)

'
/$ --
4
'*.
$ '*. Ž
xr5
:636
*(),336
+,
40
5<*(
:(),
4C:
8<,
;6+6:
36:
,9<+0;6:b
@
3(
/,f
)033(
+,
40
A(7(;6
*65;0,5,
4C:
:()0+<9K(
8<,
(3,56
@
=0*,5(sye
<
564)9(40,5;6
6-0*0(3
,5
(:03,(
3,
7,940;0P
+(9
3,**065,:
+,

4,+0*05(
,5
:<
50=,9:0+(+e
(9(
,:*C5+(36
+,
3(
-(*<3;(+
:,
5,.P
:05

,4)(9.6
(
=,:;09
3(
;6.(
(*(+H40*(b
,5:,N()(
,5
:<
+0(3,*;6
:<0A6f(3,f
4C5
@
56
,5
3(;K5b
0.569()(
36:
30)96:
+,
;,?;6b
@
,5
<5
.,:;6
+,
+,:(-K6

8<,
9,*69+()(
,3
+,
<;,96
*05*6
(N6:
(5;,:b
(9961P
7T)30*(4,5;,
<56

+,
,336:
x,3
,-,
+,
=0*,5(y
(3
-<,.6e
6*6
+,:7<H:
-<,
,?7<3:(+6b

9,(5<+(5+6
<5(
=0+(
,?P;0*(
+,
=0(1,:
8<,
:<:
76:;,9069,:
7<)30*(*06f
5,:
,?(3;()(5
*646
3(
T50*(
=K(
(<;H5;0*(
7(9(
+,:*<)909
*6:(:e
r5
40

67050P5b
8<,
56
,:
3(
:<@(s
,9(
:<
)<93(
/()0;<(3
/(*0(
3(
*3(:,
4H+0*(e

(
/()K(
=0:0;(+6
;(30(b
63(5+(b
<:0(b
63650(b
:*(5+05(=0(
@
,3

,=(5;,
4,+0;,99C5,6e
/69(
9,*6990P
3:(*0(b
(=0,9(b
6/,40(
@

<:;90(b
+65+,
4<90P
x,5
(3A)<9.6ye
05
,4)(9.6b
56
=0=0P
*646
<5

,:;<+06:6
,99(5;,
*65=,5*065(3e
,
*65;()(5
/0:;690(:
:6)9,
:<
,?*,:0f
=(
(-0*0P5
(
3(
),)0+(b
,:*(:(
30470,A(
@
76:0)3,
36*<9(c
+,
:<:
(7(90*06f
5,:
=,:;0+6
*646
<5
4,5+0.6b
<5
*(47,:056
6
<5
56)3,c
+,
:<:
79,+0f
*(*065,:
/,;,96+6?(:
(
36:
*(47,:056:
:<0A6:
x77,5A,33b
‘ yb
@
+,

:<
6+06
-,96A
(
3(:
(<;690+(+,:e
(9(
(9(*,3:6b
3(
4,+0*05(
,9(
<5(
-694(
+,
796;,:;(e
6:
796f
5P:;0*6:b
)(:(+6:
,5
*651<5*065,:b
,*307:,:
@
*64,;(:b
*65:;0;<@,5
3(

4(@69K(
+,
3(:
6)9(:
0479,:(:
)(16
:<
564)9,
(5;,:
+,
:<
4<,9;,e
3

5(*040,5;6
+,
90:;6
/()K(
:0+6
(5<5*0(+6
769
<5(
5<,=(
,:;9,33(
@
3(

(.0;(*0P5
9,30.06:(
@
3(
796)()030+(+
x;(3
*646
H3
3(
=,K(y
+,
<5
*63(7:6

:6*0(3
05405,5;,
:,
9,-3,1(9K(5
5,*,:(90(4,5;,
,5
769;,5;6:
,5
,3
*0,36b

:,N(3,:
+,3
05405,5;,
<0*06
05(3e
5(
5<,=(
,:;9,33(
x,3
*64,;(
(3f

3,@y
/()K(
(7(9,*0+6
,-,*;0=(4,5;,
,5
‘  e
(9(*,3:6
36
=06
,3
Ž
+,

(.6:;6
,5
,3
*0,36
769
,5*04(
+,
;
(33,5e
r6+(:
3(:
+,:;9<**065,:

+,
465(98<K(:
zeee{
:65
(5<5*0(+(:
769
769;,5;6:
@
.9(5+,:
:,N(3,:sb

,:*90)K(e
,96
90:;6
/()K(
9,(30A(+6
*<9(:
403(.96:(:c
(:K
7<,:b
<5
9,f
.9,:6
+,
3(
7(3()9(
+,
90:;6
:<765+9K(
3(
(<;H5;0*(
*<9(*0P5e
(
9,-69f
4(
+,
3(
4,+0*05(
+,)K(
*64,5A(9
*65
3(
30470,A(
+,
:<
;,4736
@
3(

+,5<5*0(
+,
3(
*6+0*06:(
,
05*647,;,5;,
-9(;,950+(+
4H+0*(e
5
:<:

+6:
*69;6:
;9(;(+6:
:6)9,
3(
:K-030:b
*65;9(:;()(
(
36:
+6*;69,:
8<,
6-9,f
*K(5
<5
9,4,+06
05,-0*(A
7,96
*(96
x.<(@(*6b
<5(
4(+,9(
(4,90*(5(

*<@(
6-,9;(
,:;()(
*65;963(+(
769
36:
<..,9y
*65
;,9(70(:
:0473,:

x3C<+(56
*646
(5(3.H:0*6
@
4,9*<906
7(9(
3(:
T3*,9(:b
36:
+6:
7905*0f
7(3,:
05.9,+0,5;,:
+,
36:
;9(;(40,5;6:
+,
(9(*,3:6ye
(
=(50+(+
@
3(

(=(90*0(
,9(5
36:
,5,40.6:
.,4,36:
+,
<5(
9,-694(
4H+0*(
8<,
+,)K(
ŽŽ '
 ./-0$q)

'
-$./$)
;,5,9
*646
5T*3,6
,3
:,9=0*06
(3
)0,5
*64T5
@
,3
*<0+(+6
+,
36:
4,56:

790=03,.0(+6:
+,
3(
*64<50+(+
*65
9,4,+06:
:0473,:e
9,5;,
(3
9,796f
*/,
8<,
:,
3,
:63K(
/(*,9
+,
:,9
,3
r <;,96
x-,
36:
4H+0*6:sb
9,:765+K(d

rj6@
@6
<5
/,9,1,i
6@
,6-9(:;6
zeee{
,3
465(9*(
+,
36:
4H+0*6:sb

8<,
/(
+(+6
3(
,:7(3+(
(
3(
r0.3,:0(
+,
70,+9(s
+,
3(
796-,:0P5
4H+0*(

,5
-(=69
+,
36:
*(47,:056:
x/()0,5+6
:0+6
,5*(9*,3(+6
+<9(5;,
<5

)9,=,
7,9K6+6
769
(76@(9
:<
*(<:(ye
(
4(@69K(
+,
36:
()<5+(5;,:
;,?;6:
,:*90;6:
769
(9(*,3:6
56
=0,f
965
3(
3<A
/(:;(
+,:7<H:
+,
:<
4<,9;,e
3
r7(9(*,3:0:46s
;,5+9K(
,47,f
96
<5(
3(9.(
=0+(
(3
09:,
7<)30*(5+6
.9(+<(34,5;,
@
+,)0+6
(
3(:
*65f
;96=,9:0(:
8<,
+,:7,9;(965e
<(5+6
/<@P
+,
(:03,(
+,1P
4<*/6:

7(7,3,:
,5
4(56:
+,
:<
(4(5<,5:,b
8<,
:,
*65=09;0P
,5
,3
,+0;69
6f

/(55,:
76905<:e

76905<:
3,
+0:.<:;()(
3(
=0+(
790=(+(
+,
(9(f
*,3:6
@
56
:,5;K(
505.T5
05;,9H:
769
7<)30*(9
:<:
+0(;90)(:
,5
:<0A6f

(3,4C5b
769
36
8<,
7,94(5,*0,965
(99<4)(+(:
/(:;(
8<,
+(4
=65

6+,5:;,05b
<5
4H+0*6
/016
+,
<5
796;,:;(5;,
9(+0*(3b
:,
*65=09;0P
(
3(

4,+0*05(
8<K40*(
+,
(9(*,3:6
+,:7<H:
+,
/(),9
:0+6
*<9(+6
+,
<5(:

-0,)9,:
;,9*0(5(:
*65
:<:
4H;6+6:e
?7<3:(+6
+,
3(
50=,9:0+(+
+,
(f
:03,(
769
:<:
r30)96:
/,9H;0*6:
@
,:*(5+(36:6:sb
7<)30*6
,5;65*,:
36:

;9(;(+6:
+,
(9(*,3:6e
0*/(,3
*/00;Ab
4H+0*6
+,
:;9(:)<9.6b
:,
*65f
=09;0P
;(4)0H5
(
3(
*(<:(b
9,<50,5+6
@
7<)30*(5+6
:<:
6)9(:e
(:;(
36:

7904,96:
(N6:
+,3
:0.36

56
,:;<=0,965
+0:7650)3,:
,
0479,:(:
;6f
+(:
3(:
6)9(:
+,
(9(*,3:6b
3(
4(@69K(
+,
,33(:
,:*90;(:
,5
<5
9,7,3,5;,

+0(3,*;6
.,94(56f:<0A6
:(3704,5;(+6
*65
<5(
,?;9(N(
1,9.(e
<9.0P

,5;65*,:
<5(
05+<:;90(
9<9(3
+,
+0**065(906:
7(9(*,3:0(56:
7(9(
,?730f
*(9
3(
5<,=(
r8<,40(;9K(s
x8<K40*(
4H+0*(ye
6*6
(
76*6b
56
6):;(5;,b

-<,965
8<,+(5+6
*3(9(:
3(:
7905*07(3,:
56*065,:
+,
(9(*,3:6b
@
,5

7(9;0*<3(9
36:
;9,:
r7905*0706:s
+,
3(
5(;<9(3,A(
x(A<-9,b
4,9*<906
@
:(3y

8<,
7(9(
H3
,8<0=(3K(5
(
3(
(5;K:04(
9050+(+e
3
796*,:6
8<K40*6

-<5+(4,5;(3
,9(
3(
:,7(9(*0P5b
8<,
,?730*()(
;(5;6
36:
796*,:6:
,5
,3

4(*96*6:46:
x3(
9,(*0P5y
*646
,5
,3
40*96*6:46:
x,3
:0:;,4(
+0f
.,:;0=6ye
(
r*/9@:676,0(s
@
3(
r(9.@96760,(s
x1,9.(
+,
(9(*,3:6
7(9(

-()90*(9
696
@
73(;(y
;9(;()(5
+,
3(
+,:;03(*0P5
796.9,:0=(
@
3(
,30405(f
*0P5
+,
3(
.(5.(
+<9(5;,
,3
9,-05(+6
+,
36:
4,;(3,:e
,:,
(
3(
676:0*0P5
+,
36:
4H+0*6:
x,5;9,
:<:
*9K;0*6:
4C:
,5*,5+0f
+6:
,:;()(
/64(:
9(:;<:
,5
,0+,3),9.yb
3(
05-3<,5*0(
+,
3(
4,+0*0f
5(
+,
(9(*,3:6
(<4,5;P
,5
;0,99(:
(3,4(5(:
(5;,:
+,
3(
<,99(
+,
36:

9,05;(
N6:e
6:
9,4,+06:
(:6*0(+6:
(
:<
564)9,
7(9,*K(5
-<5*06f
5(9b
@
36:
4H+0*6:
8<K40*6:
6-9,*K(5
3(
7,9:7,*;0=(
+,
<509
4(56:
@
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
 '
 ./-0$q)

'
-$./$)

4,5;,:
,5
,3
+,:*<)9040,5;6
+,
36:
:,*9,;6:
+,
3(
5(;<9(3,A(
7(9(
,3

+,:*65*,9;()(
(
36:
*65;,4769C5,6:d
36:
05:,*;6:
xr3(
:,N690;(
<--,;s

)0,5,:;(9
7T)30*6e
(;968<K40*6:
@
(38<040:;(:
.6A()(5
+,3
7(;96*0506

+,
3(
*H3,)9,
*(5*0P5
+,
*<5(
56
,9(
6;9(
8<,
:<
/01(ye
,96
36:
*(4)06:

+,
=(906:
79K5*07,:
(3,4(5,:e
95:;
=65
(@,95b
(9A6)0:76
+,
63650(b

8<,
7967<:6
56
:,
7<:0,965
,5
79C*;0*(
@
(
-05(3,:
+,
3(
+H*(+(
+,
’ŽŒ

,9(
<5
7(9;0+(906
+,*3(9(+6
+,
(9(*,3:6b
@
36
40:46
:<*,+K(
*65
,3

36:
*65:,9=(+69,:
/()K(5
=,5*0+6b
;(5;6
,5
3(
*69;,
+,
(936:

*646

+<8<,
<30<:
6 -
9<5:>0*2f63-,5)U;;,3b
8<0,5
*65:0+,9()(
(
36:
(3f
,5
3(
(*(+,40(e
 3
4H+0*6
9,(3
,9(
0330(4
(9=,@b
8<0,5
r56
8<,9K(

8<040:;(:
-0.<9(:
*3(=,
,5
:<:
,:-<,9A6:
769
,?736;(9
36:
9,*<9:6:
40f
:(),9
5(+(
+,
3(
8<K40*(s
@
+,:79,*0()(
(
36:
4H+0*6:
+,
3(:
5<,=(:

5,9(3,:
+,
:<:
+640506:b
9(*065(30A(9
,3
:;(+6
@
4(?040A(9
:<
76;,5f
*6990,5;,:
xr5,6;H90*6:sy
*646
r*(3A65,:
33,56:
+,
40,9+(se
*0(3
,*65P40*6e
 3
,3,*;69
<.<:;6
+,
(1650(
*6479P
4<*/6:
30)96:

:(:
8<,9,33(:
,54(:*(9()(5
/(:;(
8<H
7<5;6
36:
4H+0*6:
:,.<0f
+,
(38<040(
7(9(
:<
796706
<:6
@
,3
+,
:<
4<1,9b
5(e
<
79646*0P5
+,

+69,:
+,
(3,56
:,
0)(5
(+(7;(5+6
,5
:03,5*06
(
36:
5<,=6:
9,4,+06:e

3(
8<K40*(b
3(
4,+0*05(
8<K40*(
@
3(
/69;0*<3;<9(
:,
9,-3,1()(
,5
36:
-,:f
:K
:<*,+K(
7(9;0*<3(94,5;,
,5
36:
(K:,:
(16:b
+65+,
3(
-036:6-K(
8<Kf
;0=(3,:
+,
3(
*69;,
+,
9,:+,e
(9(
56
8<,+(9
(;9C:b
,3
+<8<,
,+,90*6

40*(
;<=6
<5(
.9(5
05-3<,5*0(
,5
3(
4,+0*05(b
,5
3(
05=,:;0.(*0P5

+,
U9;;,4),9.
,:;()3,*0P
<5(
*0<+(+
405,9(
x9,<+,5:;(+;y
@
*65:f
8<K40*(
@
,5
36:
796*,:6:
05+<:;90(3,:e
(:
-(*<3;(+,:
+,
4,+0*05(
76f
;9<@P
7(9(
:K
40:46
<5
3()69(;6906
+,
05=,:;0.(*0P5
8<K40*(
,5
36:
1(9f
+K(5
*65;963(9
36:
*<99K*<36:
@
3(:
30*,5*0(:
+,
36:
4H+0*6:
7,96
56

+05,:
+<*(3,:
+,
;<;;.(9;e
:K
@
;6+6b
3(
9,-694(
8<K40*(
8<,+P
9,:,9f
76+K(5
:6-6*(9
,3
05;,9H:
7T)30*6e
(
4,+0*05(
.(3H50*(
,:;()(
(4,5(f
=(+(
*(+(
=,A
4C:
7(9(
36:
7905*07(+6:
796;,:;(5;,:b
8<,
3(
,473,(965

A(+(e
5
3,4(50(
36:
7(9(*,3:0(56:
7<96:f+,f*69(AP5
+6405()(5
,3

()<5+(5;,4,5;,
,5
:<:
3<*/(:e
+,)(;,
(
7905*0706:
+,3
:0.36
?=5e
3
7(:;69
3<;,9(56
+,
U9;;,4),9.

6:
4H+0*6:
(3,4(5,:
*65=,5*065(3,:
:,
(*646+(965
,5
:03,5*06

6/(55
(3,5;K5
5+9,(,b
(<;69
+,
&0'12',-.-*'1
c#'.3 *'!#
!&0'1V

(
3(
0(;968<K40*(b
(7(9;(5+6
3(
/,;,96+6?0(
4C.0*(
@
9,30.06:(
+,
3(:

2',-.-*'2,#
"#1!0'.2'-b
’ • yb
/()K(
7<)30*(+6
,5
0P 0P
<5(
7(96+0(

0+,(:
+,
(9(*,3:6
@
:<:
(;(8<,:
(
(3,56e
<,9(
+,
3,4(50(b
36:
(+f
;0;<3(+(
&7+'1!&#
-!&j#'2
&0'12','
-1#,!0#32m
,,-
mptu
,5
3(
8<,

=,9:(906:
4H+0*6:
+,
(9(*,3:6
:,
*65*,5;9(965
,5
,3
+,:*9H+0;6
+,

9,-3,?065()(
:6)9,
3(:
;,5:065,:
9,30.06:(:
@
763K;0*(:
+,
:<
;0,476
<;0f
:<:
+,-,5:69,:
90+0*<30A(5+6
:<:
*9,+,5*0(3,:e
5
9(5*0(
6:,7/
<

30A(5+6
(3,.69K(:
(38<040:;(:
7(9(
9,79,:,5;(9
3(:
,:7,9(5A(:
796;,:f
/,:5,b
4H+0*6
+,3
9,@
5908<,
b
;9(;P
+,
46:;9(9
,5
*(4)06
8<,

;(5;,:
,5
<5(
5<,=(
,+(+
+69(+(e
(9(
,5;65*,:
=(90(:
7<)30*(*065,:b

36:
;9,:
7905*0706:
+,
(9(*,3:6
:,
76+K(5
,5*65;9(9
@(
,5
07P*9(;,:e

8<,
*09*<3()(5
+,:+,
(::,3
@
8<,
8<0AC
/()K(
,:*90;6
,3
796706
 5 f
<
30)96
 "
4#0'22#+
&#0+#2'!#
+#"'!',D2#
#6
'..-!02'1
4#2#03+/+

+9,(,b
/()K(5
79,:,5;(+6
(3
7T)30*6
(
/90:;0(5
6:,5*9,<;Ab
<5
(38<0f
"#!0#2'1
!
2&#0.#,1'b
7<)30*(+6
,5
’‹b
-<,
+,5<5*0(+6
769
3(
-(*<3f
40:;(
+,
;(3,5;6
@
40,4)96
+,
3(
/,94(5+(+
:,*9,;(
+,
36:
6:(*9<*,:e

;(+
+,
4,+0*05(
+,
(9K:e
(
+0:7<;(
,5;9,
36:
7(9;0+(906:
+,
<
/,:f
(16
3(
-0**0P5
+,
,:(
/,94(5+(+
@
:<
(+,7;6
4K;0*6b
3(
9,-694(
8<K40*(

5,
@
:<:
+,;9(*;69,:
:,.<K(
;6+(=K(
=0=(
<5(
.,5,9(*0P5
+,:7<H:c
0f

:,
*65=09;0P
,5
<5
:<,N6
7(9(
<5(
;9(5:-694(*0P5
4C:
-<5+(4,5;(3
+,

*/,30,<
(76@()(
79<+,5;,4,5;,
(
36:
0(;968<K40*6:
*65;9(
3(
*3(:,

3(
:6*0,+(+b
8<,
9,46+,3(+6
0)(
(
9,:<9.09
,5
;,990;6906
05.3H:
(
9(KA

4H+0*(e
5;9,;(5;6b
6;96:
(+=,9:(906:
+,
(9(*,3:6
(;(*()(5
:<
(38<0f
+,
3(:
.<,99(:
*0=03,:e
40(e
3
40:46
(N6
8<,
<
/,:5,
7<)30*P
:<
30)96b
0*63(<:
<0),9;

,5=0P
(
3(
0479,5;(
:<
*!&7+'
02'-,#
#2
#6.#0'#,2'
'+.3%,2
#2
#6V
.H%,2#
,5
3(
8<,
(9(*,3:6
,9(
+,:*90;6
*646
r,3
4C:
05:,5:(;6
@
()f
:63<;6
79K5*07,
+,
36:
4,5;096:6:
8<,
/(@(
,?0:;0+6
5<5*(b
,?*,7;<(5f
 

    
+6
(3
+0()36
40:46se
 3
6;96
3(+6
+,3
*(5(3
;<=6
3<.(9
<5(
*65;0,5+(
:0403(9b
*<(5+6
,3

5(
+,
3(:
*9K;0*(:
(3A(+(:
-9,5;,
(3
4K;0*6
6:,5*9,<;A
,:
8<,
,9(
+,f
4H+0*6
.(3,50:;(
/64(:
<--,;
9,.9,:P
+,
(:03,(
/()0H5+6:,
*65f
4(:0(+6
r*<906:6se
(
*<906:0+(+b
7904(
+,3
30),9;05(1€@
+,3
(;,K:46b

=,9;0+6
(3
7(9(*,3:0:46b
@
7967<:6
3(
05*3<:0P5
+,
:<:
9,4,+06:
,5
3(

,9(
r3(
=(50+(+
+,
36:
616:se
&#
,'2'#
- $
2&#
 '#
,9(
,3
;K;<36
+,3
30)96

-(94(*67,(
9,*64,5+(+(
769
,3
63,.06
+,
H+0*6:
+,
65+9,:e

+,3
*3H90.6
05.3H:
,69.,
(2,>033b
7<)30*(+6
,5
’Œ”
@
,:*90;6
7(9(

(4)0H5
:,
,:7,*0(30AP
,5
3(
7(9;,
+,3
9,056
5(;<9(3
*<@(
=(90,+(+
4C:
(3.<0,5
8<,
:,
8<,+P
*0,.6e
0,5;9(:
8<,
36:
*65;,4769C5,6:
*,3,)9(f
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
)(5
;6+6
36
8<,
76+K(5
+,:*<)909
,5
;6956
:<@6
:0473,4,5;,
409(5+6b

(2,>033
*65;9((;(*()(
*<37(5+6
(
3(
=0:;(
+,
;6+6
36
8<,
(5+()(
4(3

,5
,3
4<5+6d
(4)0*0P5b
.36;65,9K(b
96)6b
0+63(;9K(b
*,36:b
+,:79,*06b

,5=0+0(
@
)9<1,9K(e
()K(
7(:(+6
*0,9;6
;0,476
,5;9,
36:
*(3=050:;(:
,5

,0+,3),9.b
+65+,
3(
,-694(
796;,:;(5;,
,9(
4<@
*65:*0,5;,
+,
36:

7,30.96:
+,
3(
0+63(;9K(e
6:
90;<(3,:
*(;P30*6:
,9(5
*65:0+,9(+6:b
:,f
.T5
,:*90)K(
(2,>033b
*646
r(+69(*0P5
:<7,9:;0*06:(
(3
:,9=0*06
+,
3(

=0:;(se
6:
;,P36.6:
469(30:;(:
56
,:;()(5
4<@
:,.<96:
+,
*P46
9,:765f
+,9
(
3(
/,.,465K(
6*<3(9e
5
3(
9(5*0(
+,
3(
65;9(99,-694(b
(3.<f
56:
+,-,5+K(5
3(
9,;09(+(
,:7090;<(3
+,3
4<5+6b
<5(
-694(
+,
56
r=,9f
36sb
40,5;9(:
8<,
,3
:<7,905;,5+,5;,
3<;,9(56
+,
(4)<9.6b
6(*/04

,:;7/(3b
05:;9<K(
(3
*3,96
:6)9,
3(
04769;(5*0(
+,
,=0;(9
3(
*<906:0+(+

,5
3(
763K;0*(
6
3(
*65;96=,9:0(
9,30.06:(b
7,96
;(4)0H5
,5
3(
-036:6-K(

5(;<9(3e
5
*<(5;6
(
<(5
(3=056b
8<0,5
:,
6765K(
(
,:;7/(3
:6)9,
,3

;,4(
+,
3(
79,+,:;05(*0P5b
7<)30*P
<5(
(+=,9;,5*0(
*65;9(
36:
(:;9P36f
.6:
,5
‘•e
(3=056
56
5,.()(
8<,
36:
*0,36:
05-3<@,9(5
:6)9,
36
8<,

:<*,+K(
,5
3(
;0,99(b
7,96
,:;()(
*65=,5*0+6
+,
8<,
36:
:,9,:
/<4(56:

56
76+K(5
05;,979,;(9
36
8<,
:0.50-0*()(5
,:6:
:0.56:b
7698<,
06:
56

/()K(
+,*0+0+6
*647(9;09
,:,
*656*040,5;6
*65
56:6;96:e
,)K(46:

7<,:
(+67;(9
<5(
r0.569(5*0(
05:;9<0+(s
,5
3<.(9
+,
:<765,9
8<,
76f
+K(46:
7,9*0)09
3(
+0:76:0*0P5
796=0+,5*0(3
+,3
6+676+,96:6e
4(.0f
5(9
8<,
76+K(46:
,?730*(9
36:
769;,5;6:
@
79,+0**065,:
,9(
,5;9(9
,5

<5
r3(),905;6s
@
()909
3(
7<,9;(
(
36:
,5.(N6:
+,3
+0()36e
(
*<906:0+(+
*6996K(
3(
90:;0(5+(+e
,:,
(
8<,
;6+6:
(8<,336:
-0f
3P:6-6:b
5(;<9(30:;(:
@
(38<040:;(:
*,3,)9(9(5
,3
(9;,
+,
409(9b
3(
9,(30f
+(+
56
,9(
;(5
,=0+,5;,e
6+6:
:()K(5
8<,
3(
=0:0P5
76+K(
,:;(9
9(+0*(3f
4,5;,
+(N(+(
@
8<,
+,:,8<030)906:
,5
36:
/<469,:
76+K(5
+(9
3<.(9
(

03<:065,:e
9,:;0+0.0;(+69,:
@
(9;0:;(:
76+K(5
7,9:<(+09
(3
616
+,3
8<,

,:;()(
=0,5+6
(3.6
8<,
56
,:;()(
9,(34,5;,
(33Ke
j<H
,9(5
36:
+0)<16:

,5
7,9:7,*;0=(b
3(:
9,79,:,5;(*065,:
(5(4P9-0*(:b
36:
,:*,5(906:
;,(f
;9(3,:
@
36:
790:4(:b
:056
03<:065,:i
6:
,-,*;6:
P7;0*6:
,9(5
<5
9(:.6

*64T5
+,
3(
4(.0(b
@
36:
;,3,:*6706:
@
40*96:*6706:
56
,9(5
:056
6;9(

4(.0(
P7;0*(e
9(5*0:
(*65
05*3<@P
796=6*(;0=(4,5;,
r*(:(:
+,
7,9:f
7,*;0=(s
x,:;6
,:b
6):,9=(;6906:y
@
r*(:(:
7(9(
,3
,5.(N6
+,
36:
:,5;0f
+6:s
x,:;6
,:b
;,(;96:y
,5;9,
3(:
05:;(3(*065,:
+,
05=,:;0.(*0P5
+,
3(

(:(
+,
(364P5
,5
:<
3#4
2*:,2'"U
3
+0()36
,9(
,:7,*0(34,5;,

(-0*065(+6
(
,5.(N(956:
@
33,=(956:
(
7,5:(9
8<,
36
8<,
/()K(46:
=0:f
;6
,9(
9,(3e
j<H
6;9(
*6:(
/(*K(5
3(:
)9<1(:b
8<,
(<5
7,94(5,*0,5+6
Ž’ '
 ./-0$*)

'
-$./$)
(*6:;(+(:
,5
:<
*(4(b
=63()(5
7(9(
(*<+09
(
:<:
1 2&1i
(
+0-0*<3;(+

7(9(
05;,979,;(9
36
8<,
:,
/()K(
=0:;6
,9(
,3
796)3,4(
7(9(
05;,979,;(9

3(:
(7(90*065,:
@
465:;9<6:b
7,96
0.<(34,5;,
,?0:;K(5
*<(5+6
:,
;9(;(f
)(
+,
3(:
,:7056:(:
*<,:;065,:
+,
36:
-(5;(:4(:
@
:<,N6:e
3
,:;(;<:
05f
:,.<96
+,
*P46
05;,979,;(9
36
8<,
=,K(46:
73(5;,()(
<5
7,30.96b
769f
8<,
*65-<5+K(
36
=,9+(+,96
@
36
-(3:6e
(5;6
3(
,-694(
796;,:;(5;,

*646
,3
r5<,=6
(79,5+0A(1,s
;9(;()(5
+,
+0:;05.<09
36
<56
+,
36
6;96e
(
/,.,465K(
6*<3(9
:,
*65:;(;()(
;(4)0H5
,5
,3
;,(;96
(5(;P40*6e

6:
4H+0*6:
:,
+,+0*()(5
*65
.9(5
,5;<:0(:46
(
3(
+0:,**0P5b
*6470f
;0,5+6
*65
*09<1(56:
@
(<?030(9,:e
6:
;,(;96:
(5(;P40*6:
*65:;9<0+6:

(3
,-,*;6
,5
3(:
-(*<3;(+,:
+,
4,+0*05(
:,
4<3;0730*(965
;9(:
3(
7<)30*(f
*0P5
769
,3
-(46:6
(5(;640:;(
-3(4,5*6
5+9,(:
,:(30<:
+,
:<
,:;<f
+06
:6)9,
36:
;,10+6:
+,3
*<,976
/<4(56
 #
&3+,'
!-0.-0'1
$ 0'!

x‘yb
)(:(+6
,5
:<:
79670(:
3,**065,:
+,
(5(;64K(
,5
3(:
8<,
,5;9,;,f
5K(
/C)034,5;,
(
36:
,:;<+0(5;,:
7,940;0H5+63,:
;6*(9
36:
P9.(56:
(

4,+0+(
8<,
36:
0)(
:(*(5+6
+,3
*<,976d
r,.<9(4,5;,b
:,N69,:b
76f
+9C5
(79,5+,9
4<@
76*6
+,
<5(
7904,9(
+,46:;9(*0P5
:0
56
;6*(5
36:

6)1,;6:
*65
:<:
4(56:se
5
,3
;,?;6
:,
9,70;,
*65:;(5;,4,5;,
*646
,:f
;90)0336
r=,6sb
,:7,*0(34,5;,
*<(5+6
+,46:;9()(
8<,
(3,56
/8)K(

;9(5:-,90+6
5,.30.,5;,4,5;,
05-694(*0P5
;64(+(
+,
3(:
(5(;64K(:

(504(3,:
04(.05(5+6
8<,
6*<99K(
0.<(34,5;,
,5
,3
*<,976
/<4(56e

(:0
56=,5;(
(N6:
+,:7<H:
<5
79P:7,96
4H+0*6
@
4(.0:;9(+6
+,
4:f

;,9+(4b
,3
+6*;69
0*63(,:
<37b
,5*(9.P
(
<5
16=,5
(9;0:;(b
,4f

)9(5+;
=(5
015b
<5
9,;9(;6
+,
:K
40:46
@
=(906:
*09<1(56:
9,(30A(5+6

<5(
(<;67:0(e
(
705;<9(
9,:<3;(5;,
56
,:
<5(
:0473,
*,3,)9(*0P5
+,
36

8<,
:,
76+K(
=,9e
3
705;69
79,:,5;(
(
<37b
56
409(5+6
(3
*<,976b
:056

(3A(5+6
36:
4T:*<36:
@
30.(4,5;6:
+,:73,.(+6:
+,
3(
4(56
+,3
*(+C=,9

x9,796+<*0,5+6
<5
.9()(+6
+,3
;,?;6
+,
,:(30<:ye
<:
*647(N,96:

409(5
(;,5;(4,5;,b
*65
<5
,1,473(9
+,3
30)96
(
<5
3(+6e
,4)9(5+;

705;P
(:K
4(.0:;9(34,5;,
3(
*65;,473(*0P5
+,
36
4(9(=0336:(4,5;,
8<,

06:
/()K(
/,*/6
3(
5(;<9(3,A(
@
,3
/64)9,e
(
(3()(5A(
+,
06:
,5
3(
5(;<9(3,A(
,9(
3(
-694(
,5
8<,
3(
.,5;,

+,
3(
H76*(
1<:;0-0*()(
:<
*<906:0+(+
769
,3
4<5+6
(
:<
(39,+,+69e


-05(3,:
+,3
:0.36
? =
:,
<;030A()(
3(
r;,636.K(
5(;<9(3s
7(9(
(9.<4,5;(9

8<,
3(
+,-,5:(
+,
3(:
*9,,5*0(:
)C:0*(:
+,
3(
90:;0(5+(+
:,
76+K(
)(:(9

,5
3(
,=0+,5*0(
+,
06:
*646
*9,(+69e
 3
(9.<4,5;6
,€(
7,9;05,5;,
,5

36
8<,
:,
9,-,9K(
(
*65=,9;09
(
36:
4<:<34(5,:b
1<+K6:
6
05*3<:6
05+06:

+,3
<,=6
<5+6b
@(
8<,
9,79,:,5;()(
<5
7<5;6
+,
7(9;0+(
*65
,3
8<,

;6+6:
76+K(5
,:;(9
+,
(*<,9+6e
9(
;(4)0H5
,3
;K;<36
*65
,3
8<,
:,
*656f
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
*K(
<5
30)96
+,
(@465+
,)65+
j ' #0
!0#2300+
1#3
,230#b
’{b

-(46:6
+<9(5;,
,3
:0.36
?=0
769
3(
;9(+<**0P5
(3
-9(5*H:
8<,
/0A6
+,
H3

0*/,3
+,
65;(0.5,
,5
‘’•e
65;(0.5,
*65*,+K(
8<,
3(
-036:6-K(
5(f
;<9(3
73(5;,()(
<5(
.9(5
*<,:;0P5
-036:P-0*(b
@(
8<,
+,:*(5:()(
:6)9,

36:
+(;6:
+,
36:
:,5;0+6:
/<4(56:b
8<,
76+K(5
-C*034,5;,
,8<0=6*(9:,c

769
,:6
:<
(7636.K(
,5
-(=69
+,
3(
;,636.K(
5(;<9(3
+,
,)65+b
,:*90;(

,5
3(
+H*(+(
+,
‘“Œb
*65:;0;<K(
,3
4C:
3(9.6
+,
:<:
11'1
x(7e
Ž
+,3

30)96
b
‘”Œye
3
*90:;0(50:46b
(9.<4,5;()(
65;(0.5,b
+,7,5+K(
+,

3(
-,
@
+,
3(
.9(*0(b
@
56
+,
3(
9(AP5e
6:
:,5;0+6:
/<4(56:
:65
-<5+(f
4,5;(34,5;,
+,-,*;<6:6:
@
:<:*,7;0)3,:
+,
:,9
,5.(N(+6:
769
3(
796f
70(
5(;<9(3,A(e
(
9(AP5
/<4(5(
,9(
0.<(34,5;,
-(30)3,e
6
76+,46:

*65;963(9
5<,:;9(
4,5;,
4C:
8<,
5<,:;96:
*<,976:e
r(9(
1<A.(9
3(:

(7(90,5*0(:
8<,
9,*0)046:
+,
36:
6)1,;6:
v ,:*90)K(v
5,*,:0;(9K(46:
<5

05:;9<4,5;6
1<+0*0(3c
7(9(
=,90-0*(9
,:,
05:;9<4,5;6b
5,*,:0;(46:
<5(

+,46:;9(*0P5c
7(9(
=,90-0*(9
3(
+,46:;9(*0P5b
<5
05:;9<4,5;6e
6:
=,f
46:
(:K
,5
<5
*K9*<36e
(+6
8<,
36:
:,5;0+6:
56
7<,+,5
+,*0+09
5<,:;9(

+0:7<;(b
,:;(5+6
,336:
40:46:
33,56:
+,
05*,9;0+<4)9,b
+,),
:,9
3(
9(f
AP5
3(
8<,
36
/(.(e
05.<5(
9(AP5
7<,+,
,:;()3,*,9:,
:05
6;9(
9(AP5d

(/K
9,;96*,+,46:
/(:;(
,3
05-050;6es
5
6;96:
3<.(9,:b
@
,:7,*0(34,5;,

,5
:<:
,:*90;6:
76:;,9069,:b
65;(0.5,
:<.,9K(
8<,
*<(38<0,9
=,9+(+

8<,
7<+0H9(46:
,:;()3,*,9
*65
.,5;,
:,5*033(
v f36:
05+06:
)9(:03,N6:b

769
,1,4736v
r7<,+,
:,9=09
*646
;,:;046506
(<;H5;0*6s
7698<,

r:0,5+6
;(5
:0473,
56
*<,5;(
*65
4(;,90(3
:<-0*0,5;,
7(9(
*65:;9<09
-(3f
:6:
05=,5;6:
50
7(9(
+(93,:
*9,+0)030+(+se
(
=,9+(+
9,:0+,b
*646
+,*K(

(9(*,3:6
x@
(),3(0:yb
,5
3(
7(3()9(
+,
36:
=(.()<5+6:b
*(950*,96:
@

)(9),96:e
3
(9.<4,5;6
*09*<3(9
+,
65;(0.5,
796=,5K(
+,
<5
30)96
+,
,590

:;0,55,
7<)30*(+6
,5
‘’Že
,
;9(;()(
+,
<5(
;9(+<**0P5
(3
3(;K5
+,
3(:

+6*;905(:
+,
0996
e#62'
.&'*-1-.&'
700&-,'03+
&7.-27.-1#-,fR
;(3

*646
/()K(5
:0+6
9,*6703(+(:
769
,3
-03P:6-6
,
/0:;690(+69
.90,.6
,?;6

47K90*6e
5
,3
5T*3,6
+,
:<:
+0=,9:(:
79676:0*065,:
,:;()(
,3
9,*/(A6

+,
8<,
3(
,?7,90,5*0(
:,5:690(3
7<,+(
33,=(9
(
<5
*656*040,5;6
*0,5;K-0f
*6
+,3
4<5+6
,?;,956e
6
,9(
:0473,4,5;,
8<,
5<,:;96:
*05*6
9,*,7f
;69,:
:,5:690(3,:
-<,9(5
3040;(+6:
,
0479,*0:6:b
:056
8<,
x*646
+,*K(

65;(0.5,y
36:
+,
<5(
7,9:65(
:65
0479,*0:6:
+,
<5(
-694(
+0-,9,5;,

8<,
36:
+,
6;9(b
@
56
/(@
-694(
+,
9,*65*030(936:e
(
+<+(
9(+0*(3
:0f
.<0,5+6
,:(:
3K5,(:
:,
*65=09;0P
,5
;,4(
+,
79,6*<7(*0P5
+,
36:
*K9*<f
36:
05;,3,*;<(3,:
-9(5*,:,:
+,
3(
7904,9(
40;(+
+,3
:0.36
:0.<0,5;,b

*646
:,
9,-3,1()(
,5
,3
*65;96=,9;0+6
;,?;6
 #
*
1 '"30@
g#
*
1V
 '
 ./-0$q)

'
-$./$)
%#11#b
’ Œ y
+,
0,99,
/(9965b
@
4C:
(T5
,5
3(
0'+#0
#"'2!'D,
+,

,5H
,:*(9;,:b
,:*90;(
,5
3(
+H*(+(
+,
’Œe
0
56
76+,46:
765,956:

+,
(*<,9+6
,5
*<(5;6
(
3(
-0()030+(+
+,
5<,:;96:
796706:
616:b
j8<H

796)()030+(+
/(@
+,
,:;(9
+,
(*<,9+6
:6)9,
,3
7(7,3
+,
*(+(
*0<+(+(56

,5
,3
:;(+6
6
:6)9,
36
8<,
,:
(*,9;(+6
@
,8<0=6*(+6i
:;(:
,9(5
3(:

*<,:;065,:
8<,
73(5;,()(5
36:
*65-30*;6:
763K;0*6:
@
9,30.06:6:
+,
-05(f
3,:
+,3
:0.36
?=0
@
7905*0706:
+,3
:0.36
  =
(:
9,:7<,:;(:
7(9,*K(5
,:f
;(9b
56
,5
*647964,;,9:,
*65
,3
4<5+6
@
*63()69(9
*646
*0<+(+(56:

7(9(
/(*,9
<5
3<.(9
4,169
+,
3(
=0+(
,5
*64T5b
:056
,5
:,7(9(9
3(
-,
@

3(
9(AP5
@
,5
(7(9;(9:,
<56
40:46
+,3
4<5+6
763K;0*6b
+,1(5+6
(
36:

.6),95(5;,:
4(5;,5,9
3(
7(A
769
3(
-<,9A(
+,
3(:
(94(:
@
+,;,9405(9
36

8<,
,9(
3(
469(30+(+
7T)30*(e
3
,:*,7;0*0:46
0)(
,*/(5+6
9(K*,:b
,47,96b
,5
<5(
H76*(
,5
3(
8<,

:,
r:()K(s
*(+(
=,A
4C:e
()K(
4C:
/,*/6:
:6)9,
36:
8<,
7,5:(9b
@
(

-05(3,:
+,3
:0.36
?=0
/0A6
:<
(7(90*0P5
,5
;(30(
,3
796706
*65*,7;6
,<96f
7,6
+,
r/,*/6s
x*646
(3.6
:<*,+0+6
6
8<,
:,
76+K(
6):,9=(9ye
(9(

(303,6b
3(
,?79,:0P5
"#
$!2-
c" '
$22-y
:0.50-0*()(
79,*0:(4,5;,
,:6b

40,5;9(:
8<,
7(9(
9(5*0:
(*65
36:
r/,*/6:s
,9(5
36
8<,
36:
,?7,90f
4,5;6:
76+K(5
+,46:;9(9e
,
9,*<99K(
;(4)0H5
(
3(
9,79,:,5;(*0P5
-(*f
;<(3
+,
36
9,(3d
705;<9(:
:6)9,
3(
=0+(b
.9()(+6:
,
/0:;690(:
=,9+(+,9(:e

 3
40:46
;0,476b
/()K(
4C:
*65*0,5*0(
+,
3(:
7(9(+61(:b
*646
(3.6

*65;9(906
(
36
8<,
:,
=,K(
6
:,
*65:0+,9()(
*64T54,5;,
*646
<5
/,f
*/6e
(
7(9(+61(
,5
,3
5T*3,6
+,
3(
90:;0(5+(+
,5
+,:05;,.9(*0P5
,9(

8<,b
*<(5;6
4C:
*656*K(5
36:
,<967,6:b
4,56:
3,:
04769;()(e

     
 
        
(:
*,9;,A(:
*0,5;K-0*(:
:,
,5:,N()(5
,5
3(:
<50=,9:0+(+,:b
7<5;(
+,

3(5A(
+,
3(
=0+(
05;,3,*;<(3
+,
3(
90:;0(5+(+e
(*0(
‘ŒŒ
/()K(
“”
05:f
;0;<*065,:
8<,
6-9,*K(5
<5
123"'3+
%#,#0*#b
,:;6
,:b
3<.(9,:
+65+,
36:

,:;<+0(5;,:
+,
*<(38<0,9
3<.(9
76+K(5
:,.<09
3(:
,5:,N(5A(:
+,
:<:
796f
-,:69,:
*65
<5
796.9(4(
+,
,5:,N(5A(
8<,
56
:636
6-9,*K(
*646
;,4(:

3(:
(9;,:
x,3
20'4'3+
-694(+6
769
.9(4C;0*(b
9,;P90*(
@
3P.0*(b
:,.<0+6

769
,3
/3"0'4'3+
+,
(90;4H;0*(b
.,64,;9K(b
4T:0*(
@
(u;96564K(y
8<,

3,:
7,940;K(5
6);,5,9
,3
;K;<36
+,
4(,:;96
+,
(9;,:b
:056
;(4)0H5
<5(
(3

4,56:
+,
3(:
-(*<3;(+,:
4C:
04769;(5;,:
x;,636.K(b
+,9,*/6
6
4,+0*0f
5(yb
+65+,
76+K(5
(:709(9
(3
+6*;69(+6e
(
4(@69K(
+,
,:(:
<50=,9:0f
 *. -1$q)

'
/$ --
4
'*.
$ '*.  
+(+,:
,9(5
(5;0.<(:
-<5+(*065,:b
,:;()3,*0+(:
4,+0(5;,
)<3(:
+,3
7(f
7(+6
6
(*;(:
*65:;0;<;0=(:
+,3
,47,9(+69e
,96
4C:
+,
;9,05;(
+,
,33(:

*65;()(5
*65
4,56:
+,
<5
:0.36
+,
=0+(b
/()0,5+6
:0+6
-<5+(+(:
769

79K5*07,:
8<,
,5;,5+K(5
8<,
3(
,+<*(*0P5
<50=,9:0;(90(
:,
/()K(
*65f
=,9;0+6
,5
<5(
7(9;,
04769;(5;,
+,
3(
-694(*0P5
+,
36:
1P=,5,:
+,
36:

,:*(365,:
:6*0(3,:
4C:
(3;6:e
(:
<50=,9:0+(+,:
56
;,5K(5
+0-0*<3;(f
+,:
7(9(
(;9(,9
<5
5T4,96
*(+(
=,A
4(@69
+,
/016:
+,
36:
56;()3,:

,<967,6:
7(9(
,+<*(9
(
36:
-<;<96:
-<5*065(906:
+,3
:;(+6b
()6.(+6:b

4H+0*6:
@
*3H90.6:e
+,4C:b
:<:
,:;<+0(5;,:
:,
04)<K(5
+,
36:
=(369,:

/<4(50:;(:
8<,
0)(5
0479,.5(5+6
.9(+<(34,5;,
3(:
-(*<3;(+,:
+,

(9;,e
3,4(50(
:6)9,:(3K(
,5
3(
*9,(*0P5
+,
5<,=(:
,:*<,3(:
+,
(79,5f
+0A(1,e
(:
7905*07(3,:
<50=,9:0+(+,:
,:;()(5b
,5
+0=,9:6
.9(+6b
9,3(f
*065(+(:
*65
3(
.3,:0(e
5
(9K:b
?-69+
@
6;9(:b
3(
+,
;,636.K(
,9(
3(

-(*<3;(+
79,,405,5;,b
7698<,
,5
,33(
:,
,:;<+0()(
3(
=,9+(+b
,3
-<5+(f
4,5;6
9(*065(3
7(9(
3(
*64<50+(+
+,
*9,,5*0(:
8<,
*65:;0;<K(
3(
90:f
;0(5+(+e
3
;K;<36
+,
<5(
<50=,9:0+(+
:,
(+8<09K(
+,
-694(
:0403(9b
+,

(*<,9+6
*65
<5
*<99K*<36
8<,
,9(
9,*656*0+6
,5
;6+(
3(
90:;0(5+(+e
(
,?7(5:0P5
<50=,9:0;(90(
*65;05<P
(
)<,5
90;46
+,:7<H:
+,

‘ŒŒb
047<3:(+(
769
3(:
40:4(:
79,:065,:
8<,
+<9(5;,
,3
:0.36
(5;,f
9069e
5
’‘Œ
:<
5T4,96
:,
/()K(
4C:
8<,
+<730*(+6e
(:
79646*06f
5,:
+,
,:;<+0(5;,:
796)()3,4,5;,
:,
05*9,4,5;(965
(T5
4C:e
,96

/(*0(
’‘Œ
<5
;K;<36
<50=,9:0;(906
@(
56
,9(
<4=,9:(34,5;,
9,*656*0f
+6b
*646
*65:,*<,5*0(
+,
3(
+0=0:0P5
9,30.06:(
@
763K;0*(e
3
(*96
4f
7,906
64(56
:,
5,.P
(
9,*656*,9
36:
+,
3(
50=,9:0+(+
+,
,0+,5b

-<5+(+(
,5
36:
(K:,:
(16:
,5
‘“‘b
$
36
40:46
/0A6
,307,
b
*<@6

564)9,
05=6*()(
x-(3:(4,5;,y
3(
50=,9:0+(+
*646
-<5+(+69e
6:

+0:0+,5;,:
9,30.06:6:
/<K(5
(3
,?;9(51,96
7(9(
,:;<+0(9b
@
:<
05-3<,5*0(

33,=P
(
3(
-<5+(*0P5
+,
5<,=6:
,:;()3,*040,5;6:
x*63,.06:
@
:,405(f
906:
+,
36:
*(;P30*6:
093(5+,:,:
,5
9(5*0(b
36:
(K:,:
(16:
@
64(c
+,

36:
/<.656;,:
,5
05,)9(b
,+(5
@
9(5.,ye
6:
.6),95(5;,:
(796f
=,*/()(5
3(:
05:;0;<*065,:
+,
,5:,N(5A(
7(9(
=(30+(9
,3
*(4)06
9,30f
.06:6e
5
‘ Ž“
,3
3(5+.9(=,
,307,
+,
,::,
*9,P
<5
*63,.06
<50=,9:0f
;(906
:05
790=03,.06
7(7(3
50
(796)(*0P5
047,90(3b
(
-05
+,
765,9
(3

*3,96
(
-(=69
+,
3(
,-694(
3<;,9(5(e
5
‘•Ž
:,
-<5+P
,5
<)3K5
,3

9050;@
633,.,
*646
05:;0;<*0P5
,+<*(;0=(
7<90;(5(
30.(+(
(3
79,+6f
40506
796;,:;(5;,
05.3H:e
5
<,*0(
:,
,:;()3,*0,965
6
9,*9,(965
*63,f
.06:
+,
,+<*(*0P5
:<7,9069
@
<50=,9:0+(+,:
*646
7(9;,
+,
36:
05;,5;6:

+,
05;,.9(9
,5
:<
:;(+6
36:
;,990;6906:
*658<0:;(+6:
,5
,3
569;,
+,

3,4(50(
@
,5
,3
C3;0*6e
Ž‘Œ '
 ./-0$q)

'
-$./$)
+,4C:
+,
3(:
<50=,9:0+(+,:b
/()K(
6;9(:
05:;0;<*065,:
8<,
6-9,f
*K(5
,+<*(*0P5
:<7,9069b
4<*/(:
+,
3(:
*<(3,:
56
*65*,+K(5
;K;<36:e
:K

:<*,+K(
,:7,*0(34,5;,
,5
3(
<967(
796;,:;(5;,e
69
<5
3(+6b
36:
,47,f
9(+69,:
(3,4(5,:
5,.(965
(
3(:
05:;0;<*065,:
*(3=050:;(:
,3
+,9,*/6
(

*65-,909
;(3,:
;K;<36:b
@
769
6;96
36:
7(:;69,:
@
4(.0:;9(+6:
.05,)9056:

9,-69A()(5
:<
79,;,5:0P5
+,
:,9
+0-,9,5;,:
+,
3(:
<50=,9:0+(+,:
;9(+0f
*065(3,:
*9,(5+6
<5(
r(*(+,40(s
8<,
:636
6-9,*K(
<5
;,:;046506
+,

*9,,5*0(:
@
*64769;(40,5;6
796;,:;(5;,
(3
*65*3<09
,3
7,9K6+6
+,
,:;<f
+06:e
 3
56
*65*,+,9
6;96:
;K;<36:b
,:(:
-(*<3;(+,:
7,9+0,965
04769;(5f
*0(
@
76:0)030+(+,:
+,
4(@69
0556=(*0P5
7,+(.P.0*(
@
*<990*<3(9e
56

+,
36:
46+,36:
4C:
05-3<@,5;,:
-<,
,3
,:;()3,*0+6
769
6/(55
;<94
,5

3(
,:*<,3(
+,
:;9(:)<9.6
8<,
+090.0P
+<9(5;,
*<(9,5;(
(N6:
+,:+,
:<

*9,(*0P5
,5
‘”b
(796=,*/(5+6
:<
,?7,90,5*0(
*646
,5:,N(5;,
,5
36:

*63,.06:
+,
3(
50=,9:0+(+
+,
(9K:e
(
(*(+,40(
+,
:;9(:)<9.6
,9(

*646
<5(
,:*<,3(
:,*<5+(90(
@
+,
,5:,N(5A(
:<7,9069
;6+6
,5
<56b
8<,

6-9,*K(
*<9:6:
+,
/<4(50+(+,:b
(+,4C:
+,
<5(
:<7,9,:;9<*;<9(
+,
,:;0f
36
<50=,9:0;(906
+,
,5:,N(5A(
+,
(9;,:
30),9(3,:
,5
36
4C:
(3;6b
6-9,*0+(

769
*(;,+9C;0*6:
8<,
+()(5
*<9:6:
:6)9,
+0-,9,5;,:
;,4(:
+,
-694(
96f
;(;0=(e
3
6)1,;0=6
,9(
05;,.9(9
,3
(79,5+0A(1,
(
-65+6
@
36:
=(369,:
‰0<f

4(50:;(:
*65
3(
70,+(+
796;,:;(5;,
@
3(
*(7(*0+(+
+,
(5(30A(9
,3
4(;,f
90(3
@
,3()69(9
(9.<4,5;6:
7,9:<(:0=6:
v <5(
/()030+(+
*3(=,v
7(9(

36:
(+4050:;9(+69,:b
796-,:69,:
@
79,+0*(+69,:
+,
3(
:0.<0,5;,
.,5,9(f
*0P5
,5
3(
*64<50+(+e
<58<,
,5
3(
<967(
*(;P30*(
,?0:;K(5
4C:
<50=,9:0+(+,:
*65
+,9,f
*/6
(
*65*,+,9
;K;<36:b
;(4)0H5
(33K
:,
(4730P
,3
*651<5;6
+,
05:;0;<*06f
5,:
+,
,5:,N(5A(
:<7,9069e
6:
1,:<0;(:
040;(965
,3
46+,36
+,
36:
*63,f
.06:
+,
(9K:e
<58<,
(3
7905*0706
0)(5
9,;9(:(+6:
*65
9,:7,*;6
(
3(:

-<5+(*065,:
796;,:;(5;,:b
/(*0(
’ŒŒ
3(:
:<7,9(965
@
:<:
*63,.06:
6-9,f
*K(5
,3
796.9(4(
4C:
(47306
@
*669+05(+6
+,
,5:,N(5A(
:<7,9069
,5

<967(b
8<,
50
:08<0,9(
3(:
<50=,9:0+(+,:
76+K(5
0.<(3(9e
,96
(33K

+65+,
36:
1,:<0;(:
;,5K(5
05:;(3(*065,:
,+<*(;0=(:b
:<
C4)0;6
:,
3040;(f
)(
,5
.,5,9(3
(
<5(
-(*<3;(+
+,
(9;,:
@
6;9(
+,
;,636.K(e
636
<5(:
76f
*(:
:,
*65=09;0,965
,5
05:;0;<*065,:
6-,9,5;,:
+,
;K;<36:
x769
,1,4736

3646<*
,5
‘
” b
6
(4),9.
,5
’”ye
;9(:
P9+,5,:
*(;P30*(:
04730f
*(+(:
,5
3(
,+<*(*0P5
:<7,9069
x769
,1,4736
:,405(906:y
79,-090,965

,5
:<
4(@69K(
56
*9,(9
<50=,9:0+(+,:
,5
3(:
8<,
:,
,?70+0,9(5
;K;<36:e
(5;6
,5
3(
<967(
796;,:;(5;,
*646
,5
3(
*(;P30*(b
8<0,5,:
+,:,(f
)(5
<5(
)<,5(
,+<*(*0P5
7(9(
:<:
/016:
,5;,5+0,965
7965;6
3(:
+0-,f
9,5*0(:
+,
6)1,;0=6:
@
79,:;(*065,:
+,
,:6:
+0=,9:6:
,:;()3,*040,5;6:b
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
*65:*0,5;,:
+,
8<,
,3
,:;<+06
,5
<5(
(*(+,40(
x*646
,3
)<8<,
05:0.50(

+,
,9)695
,5
36:
*65+(+6:
*(3=050:;(:
+,
,;;,9(<
,5
,5(50(y
76+K(

)905+(93,:
4C:
+,
<5
;K;<36
<50=,9:0;(906e
9,;,5+K(5
<5(
r,+<*(*0P5

.,5,9(3s
x#"%-%'3+y
7(9(
:<:
/016:
8<,
3,:
;9(5:40;0,9(
<5(
r70,f
+(+
05:;9<0+(
@
,36*<,5;,se
636
<5(
7,8<,N(
40569K(
+,
,:;<+0(5;,:

76+9K(5
796:,.<09
:<:
,:;<+06:
,5
3(:
4,169,:
-(*<3;(+,:e
3
6)1,;0=6

56
,9(
3(
*65:;9<**0P5
@
;9(5:40:0P5
+,
<5
:0:;,4(
+,
*,9;0+<4)9,

*0,5;K-0*(c
7(9(
(3*(5A(9
:<:
6)1,;0=6:
56
5,*,:0;()(5
,3
*6473,16
(5f
+(406
x
0%,-,y
+,
3(
3P.0*(
(90:;6;H30*(e
-69;<5(+(4,5;,
*()K(
:0;<(9:,
(
50=,3,:
4C:
,3,4,5;(3,:e
5
3(

<967(
3<;,9(5(
,3(5*/;/65
,:*90)0P
=(90(:
'*>!2'!1b
8<,
:,
/0*0,f
965
4<@
767<3(9,:e
5
3(
<967(
*(3=050:;(
3(
'*>!2'!
8<,
:,
33,=()(

3(
7(34(
,9(
3(
+,
<5
796-,:69
+,
3(
50=,9:0+(+
+,
(9K:b
0,99,
+,
3(

(4H,
x(4<:yb
8<0,5
/()K(
(3*(5A(+6
(33K
,3
.9(+6
+,
4(,:;96
,5

‘”’b
+,-,5+0,5+6
*646
;,:0:
8<,
r*<(38<0,9
*6:(
8<,
+01,9(
90:;P;,f
3,:
,9(
05*65:0:;,5;,s
j^/3#!3+/3#

0'12-2#*#
"'!2
#11#,2
!-++#,2'V

2'
#11#_fU
*/6
(N6:
+,:7<H:
7<)30*P
<5
(;(8<,
-965;(3
*65;9(
3(
D%'V
!
+,
90:;P;,3,:
j0'12-2#*'!#
,'+"4#01'-,#1{
@
36
8<,
79,;,5+K(
8<,

36
:<:;0;<@,9(b
:<
79670(
'*>!2'!
c'*#!2'!#
02'!'-,#1R
m ‘yb
)(:f
;(5;,
4C:
:0473,c
:<
;,?;6
6*<7()(
<5(
+H*04(
7(9;,
+,3
+,
90:;P;,3,:e

9(;P
+,
*65=,9;09
3(
3P.0*(
,5
<5
05:;9<4,5;6
+,
*64<50*(*0P5
xr (

+0(3H*;0*(
,:
zeee{
<5
(9;,
8<,
,5:,N(
(
+0:*<;09
)0,5sye
(
9,;P90*(
8<,f
+()(
:,7(9(+(b
+,1(5+6
(3
,:;<+0(5;,
*65*,5;9(9:,
,5
3(
+,-050*0P5

+,
36:
;,4(:
+,
<5
+0:*<9:6
@
*P46
69+,5(936:e

36:
,:;<+0(5;,:
:,

3,:
,5:,N()(
36
4C:
)C:0*6d
796*,+,9
+(+6
.,5,9(3
(
36
7(9;0*<3(9b
+,
3(:

+,-050*065,:
(
36:
,1,4736:e
(
79C*;0*(
+,
(4<:
+,
+0=0+09
36:
;,4(:

,5
+6:
7(9;,:
7905*07(3,:b
@
(
*65;05<(*0P5
=63=,9
(
:<)+0=0+0936:

x*9,(5+6
;()3(:
+0*6;P40*(:y
:,
*65=09;0Pb
,5
4(56:
+,
:<:
,:;<+0(5;,:b

,5
(3.6
:<7,9(9;0-0*06:6e
<
9,-694(
05+0.5P
;(5;6
(
36:
796-,:69,:
+,

(9K:
8<,
36
(*<:(965
+,
:6*(=(9
3(
-036:6-K(
@
3(
9,30.0P5e
3
9,@
69+,f
5P
3(
*65:;0;<*0P5
+,
<5(
*640:0P5
9,(3
8<,
,5
‘
=,;P
36:
30)96:
+,

(4<:
@
3,
796/0)0P
,3
,1,9*0*06
+,
3(
,5:,N(5A(b
769
36
8<,
:,
4(5;<f
=6
9,3(;0=(4,5;,
(7(9;(+6
+<9(5;,
<56:
(N6:
*63()69(5+6
,5
3(
9,+(*f
*0P5
+,
6;96
;9(;(+6
+,
9,-694(
7,+(.P.0*(b
3(
#2D0'!
x‘”y
+,
:<

(5;0.<6
(3<456
95,9
(365e
(
796/0)0*0P5
+,
:<:
,5:,N(5A(:
-<,
-05(34,5;,
+,96.(+(
769
5f
908<,
b
8<0,5
,5
‘ ‘ 
36
564)9P
796-,:69
+,
-036:6-K(
@
,36*<,5*0(
,5

,3
79,:;0.06:6
05:;0;<;6
+,
,5:,N(5A(:
/<4(50:;(:
*9,(+6
769
9(5*0:*6

b
,3
633G.,
6@(3e
,:+,
(33K
(4<:
3(5AP
5<,=6:
(;(8<,:
*65;9(
3(
 [(  
 ./-0$q)

'
-$./$)
50=,9:0+(+
+,
(9K:b
*<@6:
796-,:69,:
*6479()(5
:<:
7<,:;6:
@
(*,7f
;()(5
:6)6956:
+,+0*C5+6:,
(
9,.<9.0;(9
3(:
9,:,*(:
+6*;905(:
,:*63C:f
;0*(:b
@
,5
3(
8<,
36:
*6:;,:
+,
<5
;K;<36
<50=,9:0;(906
,9(5
05(3*(5A()3,:

7(9(
36:
4C:
46+,:;6:e
(
:63<*0P5
8<,
H3
796765K(
,9(
9,*3<;(9
(
36:

796-,:69,:
(
7(9;09
+,
<5(
*647,;0*0P5
x676:0*065,:yb
7(.(93,:
+,3
79,f
:<7<,:;6
7T)30*6
@
9,-694(9
,3
17** 31b
05*69769(5+6
769
,1,4736
3(:

4(;,4C;0*(:e
<
796;,:;(5;0:46
9(+0*(3
3,
.(5P
4<*/6:
,5,40.6:
@

-<,
<5(
+,
3(:
403,:
+,
=K*;04(:
+,
3(
4(;(5A(
+,
(5
(9;6364H
7,:,
(

3(
796;,**0P5
+,
(936:
 e
6:
30)96:
+,
;,?;6
+,
(4 <:t(365
;<=0,f
965
<5
H?0;6
*65:0+,9()3,b
*65=09;0H5+6:,
,5
70,+9(
-<5+(*065(3
+,
3(

,+<*(*0P5
,5
,9)695
x@
6;9(:
(*(+,40(:
*(3=050:;(:yb
+65+,
<56
+,

:<:
796-,:69,:
+,
-036:6-K(b
6/(55
,0590*/
3:;,+b
,479,5+0P
3(
9,f
+(**0P5
+,
<5(
(4)0*06:(
,5*0*367,+0(
+,
3(:
*0,5*0(:
)(:(+(
,5
3(
7,f
+(.6.K(
+,
(4<:
7,96
8<,
9,*<99K(
;(4)0H5
(
6;9(:
;9(+0*065,:b
*65
,3

7967P:0;6
+,
*669+05(9
*656*040,5;6
@
,-694(e
5
;6956
(
’‘Œ
/(f
)K(
@(
<5(:
6*/6*0,5;(:
,+0*065,:
@
(+(7;(*065,:
,5
<:6
,5
3(
<967(

796;,:;(5;,b
7905*07(34,5;,
*(3=050:;(b
*(:0
3(
40;(+
+,
,33(:
+,
;,?;6:

+,
6;96:
+0:*K7<36:
+,
(4<:e
b~
 3
H?0;6
+,
3(
7,+(.6.K(
+,
(4<:
;<=6
*646
*65;9(7(9;0+(b
(3

76*6
;0,476b
,3
+,
36:
1,:<K;(:e
<
46+,36
*<990*<3(9
x,3
2'-
23"'-V

03+b
‘••y
€<,
(4730(4,5;,
:,.<0+6
769
3(:
05:;0;<*065,:
<50=,9:0;(f
90(:
,5
3(
4,+0+(
,5
8<,
;,5K(5
796-,:69,:
*647,;,5;,:
7(9(
,336b
@(

8<,
3(
4(@69
04769;(5*0(
*65*,+0+(
(3
/3"0'4'3+
x(90;4H;0*(b
.,64,f
;9K(b
(:;96564K(
@
4T:0*(yb
,?0.K(
796-,:69,:
*65
/()030+(+,:
,:7,*0(f
3,:e
,)0+6
,5
7(9;,
(
3(
*647,;0*0P5
,5;9,
*65-,:065,:b
3(
(4730(*0P5

+,3
*<99K*<36
@
3(
0556=(*0P5
,+<*(;0=(
,5
3(:
(*(+,40(:
@
*63,.06:

,<967,6:
-<,
0479,:065(5;,b
-694(5+6
(
.,5,9(*065,:
+,
,<967,6:

/C)03,:
@
=,9:C;03,:c
7,96
;(3
0556=(*0P5
(;9(16
3(
(;,5*0P5
+,
3(:
<50f
=,9:0+(+,:b
+65+,
3(
9,.<3(*0P5
+,
3(
-694(*0P5
;9(+0*065(3
769
7(9;,

+,
3(:
7905*07(3,:
-(*<3;(+,:
9,:;905.K(
,3
*(4)06e

7,:(9
+,
8<,
36:

*(4)06:
05;96+<*0+6:
,9(5
4C:
796-<5+6:
+,
36
8<,
:,
(79,*0()(
+,:+,

-<,9(b
*9,*K(
3(
63,(+(
+,
*9K;0*(:
*65;9(
3(:
<50=,9:0+(+,:
769
6-9,*,9

<5(
,5:,N(5A(
r(5;0*<(+(se
:(:
*9K;0*(:
*64,5A(965
(
7(9;09
+,
<5
(9.<4,5;6
*,5;9(3
,5
3(

73(;(-694(
+,
36:
/<4(50:;(:b
@
,9(
8<,
,:;()(5
9,*<7,9(5+6
;,?;6:
@

,5:,N(5A(:
(5;0.<(:
8<,
/()K(5
:0+6
0.569(+(:
769
36:
,u*63C:;0*6:
+,

<5(
)C9)(9(
r+(+
,+0(se
(
/0:;690(
/<4(50:;(
+,
3(
,5:,N(5A(
,9(

<5(
*<9=(
,5

+,
.9(5+,A(
(5;0.<(b
+,*30=,
4,+0,=(3
@
9,5(*040,5;6

*65;,4769C5,6e
 *
9,*/(A6
+,
3(
,5:,N(5A(
,:*63C:;0*(
,5
-(=69
+,
3(
 *. -1$q)

'
/$ --
4
'*.
$ '*.  
5;0.U,+(+
:,
*65=09;0P
,5
<5
3<.(9
*64T5
9,;P90*6b
,:7,*0(34,5;,

7(9(
79646=,9
;,4(:
8<,
56
,9(5
*65:0+,9(+6:
;9(+0*065(34,5;,

*646
*0,5;K-0*6:e
5
,3
;9(;(+6
+,
(5(;64K(
+,
5+9,(:
,:(30<:b
*646

,5
3(:
'"1
"#
*-1
02'121
e #
'2#
"#k
.'3
#!!#**#,2'.'22-0'R
1!3*2-0'R
#

0!&'2#22-0'
"
'+ 3#
',1',-
 k
2#+.'
,-120'j
+,
069.06
(:(90b
,3
*6f
56*040,5;6
,:*63C:;0*6
r(5;0*<(+6s
:,
*65=09;0P
,5
-0.<9(
+,
*65;9(:;,

7(9(
765,9
+,
9,30,=,
36
4C:
,?*0;(5;,
+,3
9,+,:*<)9040,5;6
/<4(50:f
;(e
(4<:
+,*3(9()(
,5
<5(
*65-,9,5*0(
7T)30*(b
7<)30*(+(
,5
(9K:
,5

‘’d
r 4(.05,46:
<5
796-,:69
+,
<50=,9:0+(+
8<,
/<)0,9(
4<,9;6

/(*,
<5
:0.36
@
(/69(
9,.9,:(9(
(
56:6;96:c
:0
*647(9(9(
,3
-369,*0f
40,5;6
+,
3(:
,5:,N(5A(:
/<4(50:;(:
@
+,
3(:
*0,5*0(:
+,
3(
5(;<9(3,A(

,5
9(5*0(b
;(30(
,
5.3(;,99(b
;(3
*646
:,
/(5
+,:(99633(+6
+,:+,
:<

4<,9;,b
:,
:6979,5+,9K(
@
,:;9,4,*,9K(s
769
36:
*(4)06:e
r,9K(
*(:0

*646
:0
(3A(9(
36:
616:
+,:+,
3(
796-<5+0+(+
+,
3(
;0,99(
/(*0(
36:
*0,36:

@
=0,9(
769
7904,9(
=,A
,3
:63b
3(
3<5(
@
3(:
,:;9,33(:se
(*0(
’ŒŒ
3(
*9K;0*(
-<,
<5
7(:6
4C:
(33Ce
3
(79,5+0A(1,
+,
3(:

,5:,N(5A(:
+,
36:
(5;0.<6:
56
:636
:,
,:;()(
9,*<7,9(5+6b
:056
:<7,f
9(5+6e
,
/()K(5
+,:*<)0,9;6
5<,=6:
4<5+6:b
+0:76:0;0=6:b
;,*5636f
.K(:
@
-036:6-K(:b
@
:,
,:;()(5
4,9*(5;030A(5+6
*646
r56=,+(+,:se
5

4),9,:
:,
7<)30*(965
(
7905*0706:
+,3
:0.36
?=5
<5(
:,90,
+,
.9()(f
+6:
+0:,N(+6:
769
(5
=(5
+,9
;9(,;
)(16
,3
;K;<36
*64T5
+,
r5<,=6:

+,:*<)9040,5;6:s
g-4
#.#02dU
5
3(
769;(+(
+,
3(
7904,9(
:,90,
:,

=,K(5
3(:
4H90*(:b
3(
)9T1<3(b
3(
7P3=69(b
,3
9,361b
,3
.<(@(*6b
3(
+,:;0f
3(*0P5
@
3(
*9K(
+,
.<:(56:
+,
:,+(e
C.05(:
76:;,9069,:
03<:;9()(5
3(

4(5<-(*;<9(
+,
(AT*(9
+,
*(N(b
,3
*C3*06
+,
3(
365.0;<+
769
3(
+,*30f
5(*0P5
+,
3(
)9T1<3(
@
,3
.9()(+6
,5
*6)9,e
9(5
36:
*640,5A6:
+,
<5

+,)(;,
,5;9,
36:
r(5;0.<6:s
@
36:
r46+,956:s
x,5
,3
8<,
,69.,

(2,>033
(7(9,*K(
+,3
3(+6
+,
36:
r46+,956:sye
(
56=,+(+
@(
56
,9(

<5(
4(3+0*0P5
@
:,
76+K(
79646=,9
:,90(4,5;,
,3
796.9,:6
+,3
(79,5f
+0A(1,e
 3
;K;<36
+,3
7904,9
-633,;6
+,
09
9(5*0:
(*65
:6)9,
,3
r+,:*<)90f
40,5;6s
+,
5<,=6:
*656*040,5;6:
,9(
 $
2&#
0-$'!'#,!#
,"
"4,!#V

+#,2
- $
#0,',%R
 '4',#
,"
3+,
x’Œ‘ye
09
9(5*0:b
/016
+,
09

0*/63(:
(*65b
+,:;(*(+6
*69;,:(56
+,
:(),3

@
.<(9+0C5
+,3
9(5

,336b
/()K(
,:;<+0(+6
+,9,*/6
@
,:7,9()(
:,.<09
36:
7(:6:
+,
:<
7(+9,e

,:.9(*0(+(4,5;,
:<
*(99,9(
:,
,:;(5*Pb
@
*646
6;96:
+,
:<
H76*(

;<=6
8<,
6*<7(9:,
+,
796@,*;6:
8<,
76+K(5
05;,9,:(9
(3
:;(+6
7(9(

.(5(9:,
3(
=0+(b
,5;9,
36:
8<,
/()K(
73(5,:
7(9(
<5(
)0)306;,*(
+,
05=,:f
;0.(*0P5
7(;96*05(+(
769
,3
:;(+6b
1(9+05,:
)6;C50*6:b
<5
3()69(;6906
 '
 ./-0$q)

'
-$./$)
@
<5
4<:,6
+,
05=,5;6:e
<(5+6
,:6:
796@,*;6:
8<,+(965
,5
5(+(
:,

:05;0P
-9<:;9(+6e
65
3(
,5;9650A(*0P5
+,3
9,@
(*6)6

@i

x8<,
:,
79,:,5;()(
(
:eK

40:46
*646
r(364P5sb
<5
:()06
*65
05:709(*0P5
+0=05(yb
7<)30*P

<5(
79<+,5;,
r*64)05(*0P5
+,
36
5<,=6
@
36
(5;0.<6sb
=05*<3(5+6
,3

+,:*<)9040,5;6
+,3
<,=6
<5+6
(
<5(
9,-694(
+,
3(
,5:,N(5A(e
(3

*646
,:*90)K(b
r3(
4,169(
,5
3(
5(=,.(*0P5
@
36:
+,:*<)9040,5;6:
7<,f
+,5
-64,5;(9
;(4)0H5
3(
,:7,9(5A(
,5
3(
4,169(
@
(<4,5;6
+,
;6+(:
2 :

*0,5*0(:b
7698<,
7<,+,
7(9,*,9
8<,
,:;C5
69+,5(+(:
769
 06:
7(9(

,5*65;9(9:,
,5
<5(
9(se
0;()(
<5
=,9:6
796-G;0*6
+,3
30)96
+,
 (f
50,3d
r<*/6:
*699,9C5
+,
(*C
7(9(
(33Cb
@
(<4,5;(9C
,3
*656*040,5f
;6se
5;9,;(5;6b
,:*90)K(
,3
,:)6A6
+,
36
8<,
(7(9,*,9K(
 ‘
(N6:
+,:7<H:

,5
3(;K5
*646
-43+
0%,3+
x’ŽŒye
(9(
,:(
-,*/(b
:05
,4)(9.6b

(*65
,9(
<5
/64)9,
6*<7(+6b
/()0,5+6
:0+6
564)9(+6
-0:*(3
.,5,9(3

,5
 ’ 
@
369+
*(5*033,9
,5
’”e
3
30)96b
+,+0*(+6
(
(04,
b
,:;()(
: 5

(*()(9b
7,96
+,
,:6
:,
;9(;()(
79,*0:(4,5;,e
3
79,-(*06
+,*K(
8<,
79,f
;,5+K(
6-9,*,9
,3
,8<0=(3,5;,
(
<5(
)9T1<3(
7(9(
:,N(3(9
,3
*(4056
,5
0 5

6*H(56
+,:*656*0+6b
*647(9(5+6
,3
=0(1,
(3
,479,5+0+6
769
63P5e

(
769;(+(
+,3
30)96
,9(
<5
)<8<,
*65
;6+(:
3(:
=,3(:
+,:73,.(+(:b
7(f
:(5+6
,5;9,
3(:
*63<45(:
+,
H9*<3,:
x*65
3(
+0=0:(
r3<:
3;9(sy
7(9(

+,:*<)909
5<,=6:
;,990;6906:
+,
*656*040,5;6e
(
6)9(
,:;()(
+0=0+0+(
,5
+6:
30)96:e
3
7904,96
,9(
<5
+<96
(;(f
8<,
*65;9(
36:
r=0*06:s
+,
3(
,5:,N(5A(
;9(+0*065(3
xr-(5;C:;0*(sb
r:<f
7,9:;0*06:(sb
r*65;,5*06:(syb
*65
90:;P;,3,:
*646
)3(5*6e
5
,3
:,f
.<5+6
30)96
6-9,*K(
:<
=K(
xr05;,94,+0(sy
(3;,95(;0=(e
(9(
,?730*(93(

79,:,5;()(
<5(
(5(36.K(
*65
3(:
(),1(:b
8<,
r9,*6.,5
,3
4(;,90(3
+H3(:

-369,:
+,3
1(9+K5
@
36:
*(476:
7,96
3<,.6
36
;9(5:-694(5
@
+0.0,0,5

4,+0(5;,
<5
76+,9
796706c
@
,3
*64,;0+6
+,
3(
-036:6-K(
,:
4<@
7(9,*0f
+6se
3
+,:*<)9040,5;6
,9(
<5
796*,:6
+,
*63()69(*0P5
,5
,3
8<,
:,9,:

/<4(56:
+030.,5;,:
9,<5K(5
05-694(*0P5
:6)9,
,3
4<5+6
9,(3
,5
( 3(
(f

*,5,:
+,
r/0:;690(:
5(;<9(3,:sb
*65=09;0H5+63(
,5
*656*040,5;6
-90 *f

;K-,96
@
796+<*;0=6
4,+0(5;,
,3
(9;,
+,3
,?7,904,5;6
x(79,5+,9
36:

r:,*9,;6:
+,
3(
5(;<9(3,A(sb
r*65:;90NH5+63(sy
@
3(
05+<**0P5
3P.0*(e

(*65
,:*90)0P
+,30),9(+(4,5;,
:<
r3P.0*(s
*646
<5(
:,90,
+,
r(-690:f
46:s
+0:1<5;6:b
+,:;05(+6
*(+(
<56
+,
,336:
(
+,:7,9;(9
7,5:(40,5;6:

,5
,3
*,9,)96e
 3
(-690:46
9
Žb
769
,1,4736b
+,*K(d
r69.<,
,:;6@
*65:f
;9<@,5+6
,5
,3
,5;,5+040,5;6
/<4(56
<5
(<;H5;0*6
46+,36
+,3
40 5f

+6b
;(3
*646
,:
+,
/,*/6b
56
*646
3(
9(AP5
+,3
564)9,
8<,99K(
šz<,

-<,9(c
(3.6
8<,
56
7<,+,
/(*,9:,
:05
<5(
+0:,**0P5
@
(5(;64K(
59<@
 *. -1$q)

'
/$ --
4
'*.
$ '*.


+030.,5;,
+,3
4<5+6e
zeee{
(
=,9+(+
@
3(
<;030+(+
:65
(8<K
769
;(5;6
<5(

40:4(
*6:(se
0
(*65
,:7,9()(
*647964,;,9
(
*-+D,
,5
:<
,479,f
:(b
7965;6
:,
0)(
(
=,9
+,:03<:065(+6e
 3
*()6
+,
<5
(N6
+,
3(
7<)30*(f
*0P5
+,3
-43+
0%,3+
:<:
,5,40.6:
6);<=0,965
:<
+,:;0;<*0P5
769

,3
(93(4,5;6
@
*(@P
,5
+,:.9(*0(e
79,*0(+6
,5
,3
*65;05,5;,
,<96f
7,6
769
:<:
-,96*,:
(;(8<,:
*65;9(
90:;P;,3,:b
,3
796@,*;6
+,
(*65
:,

*65=09;0Pb
,5
<5(
-694(
767<3(90A(+(b
,5
73(;(-694(
7(9(
8<0,5,:
79,f
;,5+K(5
*(4)0(9
5.3(;,99(
,5
3(
H76*(
+,
3(:
.<,99(:
*0=03,:e
      
         
0*63C:
67H950*6
7<)30*P
 #
0#4-*32'-,' 31
-0 '3+
!-#*#12'3+
e- 0#

*1
0#4-*3!'-,#1
"#
*1
#1$#01
!#*#12#1j
,5
 ‘b
76*6
(5;,:
+,
:<
4<,9f
;,e
()K(
,:;<+0(+6
,5
9(*6=0(
@
63650(b
7,96
,5
‘Œ
:,
9,;09P
(

964)692f9(<,5),9.b
,5
3(
*6:;(
)C3;0*(b
*646
*(5P50.6
+,
:<
*(f
;,+9(3e
(
(:;96564K(
-694()(
7(9;,
+,3
*<99K*<36
)C:0*6b
,5:,N(+6

*65
;,?;6:
8<,
,?730*()(5
,3
46+,36
+,
6364,6
+,
<5
<50=,9:6
,5

,3
8<,
36:
73(5,;(:
:,
46=K(5
(39,+,+69
+,
3(
;0,99(
,5
,70*0*36:
*65

*,5;96
,5
3(:
:<7<,:;(:
,:-,9(:
73(5,;(90(:e
6:
,70*0*36:
x@
3(:
-P9f
4<3(:
(:6*0(+(:
8<,
+,:*90)K(5
,3
46=040,5;6
73(5,;(906
+<9(5;,
,3

,70*0*36y
,?730*()(5
3(:
=(90(*065,:
,5
3(
=,36*0+(+
@
)90336
+,
36:

73(5,;(:
@
:<
46=040,5;6
9,;9P.9(+6
7,90P+0*6e
3
*+%#12-
+,
6f
364,6
,:;()(
+0:7650)3,
,5
:<:
=,9:065,:
3(;05(
@
.90,.(b
7,96
,9(

*65:0+,9(+6
+,4(:0(+6
+0-K*03
@
9(9(4,5;,
:,
,:;<+0()(
+09,*;(4,5f
;,e
6:
,:;<+06:6:
/<4(50:;(:
;9(;(965
+,
796769*065(9
<5(
05;96f
+<**0P5
8<,
36
/0*0,9(
*6479,5:0)3,
@
;(4)0H5
(N(+0,965
5<,=(:
6)f
:,9=(*065,:
@
*C3*<36:b
@(
8<,
36:
+,
6364,6
,9(5
4<@
3040;(+6:e
(
6)9(
+,
67H950*6
6-9,*K(
<5(
:63<*0P5
(
+6:
796)3,4(:b
<56

+,
,336:
;,P90*6
@
,3
6;96
79C*;0*6e
3
;,P90*6
,9(
3(
+0:*9,7(5*0(
,5;9,
3(

+,:*907*0P5
769
90:;P;,3,:
+,3
46=040,5;6
x8<,
:,.T5
H3
+,)K(
:,9

:0,479,
305,(3
@
<50-694,y
@
3(
+,
6364,6
x8<,
,9(
<5(
,?730*(*0P5

+,
3(
-(3;(
+,
<50-6940+(+
+,
36:
46=040,5;6:
73(5,;(906:ye
6:
,70*0f
*36:
@
3(:
-P94<3(:
+,
6364,6
7(9(
,3
*C3*<36
+,3
.3,!23+
#/3,1

79,:,5;()(5
,3
46=040,5;6
+,
36:
73(5,;(:
*646
<5(
(564(3K(
,5
,3

<50=,9:6b
*646
x+,*K(
67H950*6y
<5
465:;9<6
*<@6:
)9(A6:
@
70,9f
5(:
:,
46=0,9(5
05+,7,5+0,5;,4,5;,
<56:
+,
6;96:e
3
796)3,4(
79C*f
;0*6
463,:;()(
(
3(
.3,:0(e
(
(:;96564K(
+,
6364,6
56
7,940;K(
*(3f
Ž‘’ '
 ./-0$q)

'
-$./$)
*<3(9
*65
79,*0:0P5
,3
*(3,5+(906
@
3(
-,*/(
+,
3(
(:*<(b
@
,5
 ‘  

67H950*6
-<,
33(4(+6
(
64(
7(9(
7,+093,
<5(
:63<*0P5e
,*305P
3(

6-,9;(
+0*0,5+6
8<,
56
76+K(
6-9,*,93(
/(:;(
8<,
/<)0,9(
9,:<,3;6
36:

796)3,4(:
+,3
46=040,5;6
+,3
:63
@
3(
3<5(e
67H950*6
:()K(
8<0AC
8<,

7(9;,
+,
3(
:63<*0P5
-05(3
/()K(
:0+6
@(
7967<,:;(
769
(:;9P5646:
C9(f
),:b
7,96
+,:*<)90P
8<,
56
:,
76+K(
(3;,9(9
<5(
7(9;,
+,3
:0:;,4(
73(5,f
;(906
:05
r+,:69+,5(9
3(:
+,4C:
7(9;,:sb
769
36
8<,
9,46+,3P
;6+6:
36:

46=040,5;6:
73(5,;(906:b
(:0.5(5+6
(
3(
;0,99(
<5
;9073,
46=040,5;6

<50-694,
x96;(*0P5
+0(90(
,5
;6956
(
:<
,1,b
9,=63<*0P5
(5<(3
,5
;6956

(
<5
7<5;6
*,9*(56
(3
:63
@
<5
+,:73(A(40,5;6
*P50*6
+,
:<
,1,
+,
96;(f
*0P5y
,5
*699,:765+,5*0(
*65
36:
+,
36:
+,4C:
73(5,;(:e
67H950*6
56
*65:0+,9()(
;6+6
(8<,336
*646
<5
,1,9*0*06
4,9(f
4,5;,
;,P90*6e
5
:<
79,-(*06
05:0:;K(
,5
8<,
36
8<,
796765K(
,9(
-K:0f
*(4,5;,
*0,9;6e
6:
*<,976:
*,3,:;,:b
@
,5
7(9;0*<3(9
3(
;0,99(b
.09()(5
,5

;6956
(3
:63
,5
,:-,9(:
-K:0*(:e
<
:0:;,4(b
:05
,4)(9.6b
:,
,5-9,5;()(
(
3(

-K:0*(
(90:;6;H30*(b
3(:
:(.9(+(:
,:*90;<9(:
@
3(
,?7,90,5*0(
e*6;0+0(5(e
 6 f
7H950*6
,9(
9,(*06
(
7<)30*(9
:<
6)9(
@
-<,
:636
+,:7<H:
+,
<5(
=0:0;(
+,

,69.
6(*/04
/,;0*<:
05
‘•
*<(5+6
79,:,5;P
+
4(5<:*90;6e
H;0f

*6
/()K(
,:;<+0(+6
@
,5:,N(+6
,5
0;;,5),9.b
+65+,
503077
,3(5*/f

;/65
+0*;()(
,3
,5-68<,
+,
3(
-036:6-K(
5(;<9(3e
,3(5*/;/65
8<,9K(
,5f
;,5+,9
(
06:
4,+0(5;,
,3
4<5+6
5(;<9(3
7(9(
9,=,3(9
<5
06:
*9,(+69

@
796=0+,5*0(3
@
;(4)0H5
<5
46+,36
7(9(
,3
69+,5
:6*0(3e
3
/64)9,

7,*(+69
,:;()(
96+,(+6
769
3(
*699<7*0P5b
7,96
36:
*0,36:
56
:,
/()K(5

=0:;6
(-,*;(+6:
769
3(
(K+(e
5
3(
*6:4636.K(
,3
6):,9=(+69
76+K(
+,:f
*<)909
3(
=63<5;(+
+,
06:b
+(+6
,:7,*0(34,5;,
8<,
36:
:,9,:
/<4(56:b

*9,(+6:
(
04(.,5
+,
06:b
;6+(=K(
4(5;,5K(5
7(9;,
+,
3(
*(7(*0+(+
7(9(

,3
*656*040,5;6
*65
8<,
06:
/()K(
796=0:;6
(
+C5e
(
7<)30*(*0P5
,5

3(
T9,4),9.
796;,:;(5;,
+,3
,:;<+06
+,
67H950*6b
.9(*0(:
(
3(
05f
-3<,5*0(
+,
<5
3<;,9(56
-694(+6
,5
0;;,5),9.b
56
-<,
769
;(5;6
<5(

:6979,:(e
<5
(:Kb
,3
;,?;6
+,
67H950*6
0)(
(*647(N(+6
+,
<5
79,-(*06

(5P5046
,:*90;6
769
<5
;,P36.6
3<;,9(56b
5+9,(:
:3(5+,9b
8<,
36:

3,*;69,:
76+K(5
:<765,9
8<,
,9(
+,3
796706
67H950*6e
9,6*<7(+6
769

:<:
,=,5;<(3,:
*65:,*<,5*0(:
7(9(
3(
-K:0*(
(90:;6;H30*(b
:3(5+,9
05:0:;K(

,5
8<,
,3
:0:;,4(
(:;965P40*6
+,
67H950*6
56
+,)K(
;64(9:,
*646

<5(
9,79,:,5;(*0P5
+,
3(
9,(30+(+b
:056
8<,
:636
:,
;9(;()(
+,
<5(
-694(

4(;,4C;0*(
+,
=,9
3(:
*6:(:e
5
3,*;69
8<,
36
;64(9(
.646
<5(
05;,9f
79,;(*0P5
-0,3
+,
3(
9,(30+(+
+,3
<50=,9:6
-K:0*6
*699K(
,3
90,:.6
+,
r(3,f
1(9:,
+,
,:;(
+0:*07305(
4C:
;9(:;695(+6
8<,
*646
33,.P
(
,33(se
3
;,?;6
+,
67H950*6
,9(
<5
;9(;(+6
;H*50*6
+,
(:;96564K(e
6:
,:f
 *. -1$q)

'
/$ --
4
'*.
$ '*.   
7,*0(30:;(:
8<,
36
3,K(5
:,.<K(5
,3
*65:,16
+,
:3(5+,9b
@
/(:;(
’ŒŒ
:636

<5
7<N(+6
+,
,336:
(*,7;()(5
3(
=,9+(+
-K:0*(
+,
3(
;,69K(
*67,950*(5(c

:636
*<(;96
+0,965
(
3(
0479,5;(
:<
67050P5
-(=69()3,e
(:;(
,3
(:;9P56f
46
+(5H:
@*/6
9(/,
9,*/(A()(
x,5
‘
”“y
,3
;9073,
46=040,5;6
+,
3(

;0,99(b
7967650,5+6
,5
:<
3<.(9
<5
*6479640:6
,5
,3
8<,
;6+6:
36:
73(f
5,;(:
.09()(5
,5
;6956
(3
:63b
40,5;9(:
8<,
,:;,
:,
46=K(
,5
;6956
(
<5(

;0,99(
054P=03e
5
64(
36:
9,:765:()3,:
+,3
*(3,5+(906
.9,.690(56

x(+67;(+6
,5
‘”Žyb
<5
,3,4,5;6
*,5;9(3
+,3
73(5
+,
3(
.3,:0(
(;P30*(

65;9(99,-694(+(
7(9(
=63=,9
(
,5*(),A(9
<5(
90:;0(5+(+
.36)(3b
<;030f
A()(5
36:
*C3*<36:
+,
67H950*6b
7,96
:636
7698<,
36
/(*K(
4C:
79,*0:6e
3
+64050*6
069+(56
9<56
,9(
(
-05(3,:
+,
:0.36
,3
4C:
56;6906

7(9;0+(906
+,3
*67,950*(50:46e
5
:<:
+0C36.6:
+,
,:;036
73(;P50*6
,?f
7369P
3(
76:0)030+(+b
56
:636
+,
8<,
,3
4<5+6
.09(9(
,5
;6956
(3
:63b

:056
+,
8<,
,3
<50=,9:6
-<,9(
05-050;6
@
8<,
/<)0,9(
<5(
73<9(30+(+
+,

4<5+6:
/()0;(+6:e
:;C
:05
,4)(9.6
76*6
*3(96
*<C3
-<,
3(
/,9,1K(
7(9f
;0*<3(9
8<,
796=6*P
:<
+,;,5*0P5
,5
,5,*0(
,5
:,7;0,4)9,
+,
‘•Žb

(<58<,
,5
,3
(4)0,5;,
/6:;03
/(*0(
,3
5,673(;650:46
+,
3(
;(30(
+,
3(

65;9(99,-694(
,9(
04769;(5;,
;,5,9
*<0+(+6
*65
36
8<,
<56
+,*K(e

:;6
,?730*(
769
8<H
<5
796-,:69
+,
4(;,4C;0*(:
564)9(+6
7(9(
<5

7<,:;6
;,4769(3
,5
3(
50=,9:0+(+
+,
0:(
,5
‘”•b
(303,6
(303,0b
:,

.<(9+P
7(9(
:K
40:46
:<
*67,950*(50:46e
5
(.6:;6
+,
‘•“b
56
6):f
;(5;,b
,:*90)0P
+,
04796=0:6
<5(
*(9;(
(
6/(55,:
,73,9b
*<@6
30)96

712#C3+
-1+-%.&'!3+
(*()()(
+,
3,,9e
,*K(
8<,
3,
/()K(
,5;<f
:0(:4(+6b
7698<,
H3
40:46
,:;()(
+,:+,
/(*K(
;0,476
+,
(*<,9+6
*65

67H950*6d
r65
,:(
/07P;,:0:
z/()9K({
r0+6
*(7(A
+,
,?730*(9
4<*/6:

-,5P4,56:
5(;<9(3,:
8<,
*65
3(:
(*;<(3,:
/07P;,:0:
7,94(5,*,5
05,?f
730*()3,:se
()K(
,:*90;6
05*3<:6
<5
;9(;(+6
,5
+,-,5:(
+,3
*67,950*(f

50:46b
7,96
56
7,5:()(
,=0+,5;,4,5;,
7<)30*(936
40,5;9(:
;(3,:
670f
5065,:
-<,9(5
;(5
(990,:.(+(:e
6:
r-,5P4,56:
5(;<9(3,:s
+,
(303,6
796=,5K(5
+,
:<
796.9(4(

,?7,904,5;(3
+,
05=,:;0.(*0P5
+,3
46=040,5;6e
9()(1(5+6
1<5;6
(
:<

7(;96*05(+69b
<0+6)(3+6
+(3
65;,b
4030;(9
/,94(56
+,
<5
*(9+,5(3

@
4(98<H:b
(303,6
+,46:;9P
x<;030A(5+6
)63(:
,47(7(+(:
,5
;05;(
8<,

96+()(5
769
<5
73(56
05*305(+6y
8<,
3(
;9(@,*;690(
+,
<5
6)1,;6
796f
@,*;(+6
,9(
<5(
*<9=(
:04H;90*(b
<5(
7(9C)63(
6
<5(
/07H9)63(e
(9,*K(

<5(
*(+,5(
:<:7,5+0+(
,5;9,
+6:
7<5;6:e
(9(
H3b
,:;6
9,:765+K(
(
<5(

+,
3(:
6)1,*065,:
@(
79,=0:;(:
769
67H950*6
(
3(
76:0)030+(+
-K:0*(
+,

3(
96;(*0P5
+,
3(
;0,99(d
j769
8<H
<5
6)1,;6
(9961(+6
+,:+,
36
(3;6
+,
<5(

;699,
*(,
,5
3K5,(
9,*;(
/(:;(
:<
)(:,b
@
56
:,
+,:=K(
/(*0(
,3
6,:;,i
'
 ./-0$q)

'
-$./$)
(
9,:7<,:;(
+,
(303,6
,9(
8<,b
*646
:<
796@,*;03
6
*(+,5(b
+,:*90)K(

<5(
*<9=(
:04H;90*(e
:;,
-<,
,3
*640,5A6
+,
3(
7,9*,7*0P5
769
(303,6

+,
3(
9,3(;0=0+(+
+,3
46=040,5;6b
3(
76:0)030+(+
+,
8<,
-<,9(
*65:,f
*<,5*0(
+,
<5(
-<,9A(
+05C40*(
<50-694,b
:<:*,7;0)3,
+,
:,9
,?730*(+(

4(;,4C;0*(4,5;,e
5
,3
464,5;6
+,
:<
*(9;(
(
,73,9b
(303,6
/()K(

+,:(99633(+6
;(4)0H5
6;96
(9.<4,5;6
7(9(
,3
46=040,5;6
+,
3(
;0,99(

,5
;6956
(
:<
,1,b
)(:(+6
,5
,3
46=040,5;6
+,
3(:
4(9,(:e
3
*67,950*(f

50:46
+,
(303,6
,9(
,3
+,
<5
(5;0(90:;6;H30*6
*65=,5*0+6b
(;9(K+6
769

:<
,3,.(5*0(
4(;,4C;0*(
@
+,*0+0+6
(
+,46:;9(9
:<
9,(30+(+e
5
’Œ•
(303,6
46:;9P
:<
/()030+(+
;H*50*(
-()90*(5+6
<5
;,3,:f
*6706
+,
ŽŒ
(<4,5;6:e
<(;96
(N6:
+,:7<H:
*65-,**065P
;<)6:
*65
36:

8<,
76+K(
36.9(9
/(:;(
Œ
(<4,5;6:c
,5
 r‘ b
/(:;(
ŒŒ
(<4,5;6:e
65

;(3
05:;9<4,5;6
;,5K(
3(
76:0)030+(+
+,
.(5(9:,
(3.T5
7(;96*0506
7905*0f
7,:*6
(:K
*646
+,
+,:*<)909
79<,)(:
,5
-(=69
+,
67H950*6e
:(
*(7(f
*0+(+
:,
4(;,90(30AP
*<(5+6
(303,6
7<)30*P
,5
369,5*0(
 *
+#,1(#0-

"#
*1
#120#**1
c'"#0#31
3,!'-1b
’ Œ ye
,+0*P
(8<,33(
6)9(
(3
+<8<,

+,
6:*(5(b
6:4,

+,
,+0*0e
8<,3
40:46
(N6
(303,6
:,
;9(:3(+P

(
<5
7<,:;6
)0,5
7(.(+6
(3
:,9=0*061+,
36:
,+0*0e
(303,6
6):,9=P
3(:

*<(;96
3<5(:
+,
T70;,9
@
3(:
<;030AP
*646
79<,)(
+,
3(
9,(30+(+
-K:0*(

+,3
:0:;,4(
/,306*H5;90*6e
(:
)(<;0AP
*646
r3(:
,:;9,33(:
+,
,+0*0s
@

:,
,:-69AP
769
*65=,5*,9
(
;6+6:
+,
3(
9,(30+(+
+,
36
8<,
/()K(
=0:;6e

:;6
56
,9(
-C*03
+,)0+6
(
8<,
,3
,:*(:6
5T4,96
+,
;,3,:*6706:
+,
(3;(

76;,5*0(
8<,
/()K(
-()90*(+6
@(
,:;()(5
*647964,;0+6:
@
56
,9(5
-Cf
*03,:
+,
<:(9e
,96
;,5K(
<5(
,:;9(;,.0(
+6)3,
7(9(
*65=,5*,9
(
36:
8<,

04769;()(5b
,5
7(9;0*<3(9
,5
64(e
,
,:-69AP
769
*65=,5*,9
(
36:
,?f
7,9;6:
@
5,<;9(30A(9
(
36:
,:*H7;0*6:e
5
<5
7904,9
464,5;6
3(:
*6:(:
-<5*065(965
+,
(*<,9+6
*65
,3

73(5e
3
7905*07(3
(:;9P5646
+,3
*63,.06
+,
36:
1,:<K;(:
,5
64(b

/90:;67/,9
3(=0<:b
(5<5*0P
,5
56=0,4)9,
+,
’  
8<,
/()K(
=0:;6

3(:
*<(;96
3<5(:
8<,
96;()(5
,5
;6956
(
T70;,9b
*65
36
8<,
:,
/()K(5

,*/(+6
36:
*040,5;6:
7(9(
3(
=0:0;(
;90<5-(3
+,
(303,6
(
3(
:,+,
7(7(3e

(303,6
(5<5*0P
5<,=6:
+,:*<)9040,5;6:d
3(:
-(:,:
+,
,5<:b
4(5*/(:

,5
,3
:63
@
,3
(:7,*;6
099,.<3(9
+,
3(
3<5(b
;6+6:
36:
*<(3,:
*65-094()(5b

:,.T5
H3b
3(
/07P;,:0:
+,
67H950*6e
3
:,.<5+6
(:7,*;6
+,
:<
,:;9(;,f
.0(b
:05
,4)(9.6b
,9(
4C:
+0-K*03
@
+<96e
6:
,:*H7;0*6:
+0:765K(5
+,
3(

:()0+<9K(b
3(
69;6+6?0(
@
.,5;,
+,
:<
7(9;,
,5
(3;6:
7<5;6:e
(:;(
,5

369,5*0(
/()K(
8<0,5,:
(3),9.()(5
+<+(:b
796)()3,4,5;,
*65
9(AP5b

:6)9,
:<
69;6+6?0(
9,30.06:(e
(
58<0:0*0P5
*64,5AP
:<
05=,:;0.(*0P5b

05-694(5+6
(
:<
+,)0+6
;0,476
(
64(e
<(5+6
(303,6
(*<+0P
(33K
,5
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
’ ‘ b
;<=6
8<,
,5-9,5;(9:,
(
<5(
*<90(
+6405(+(
769
<5
(7(
*65:,9f
=(+69
8<,
05:;9<@P
(3
*(9+,5(3
,33(94056
7(9(
8<,
(+=09;0,9(
(
(30f

3,6
+,
8<,
+,)K(
9,5<5*0(9
(
3(
9,(30+(+
-K:0*(
+,3
*67,950*(50:46e
(f

303,6
56
,9(
;(5
)<,5
*69;,:(56
*646
:<:
(+=,9:(906:b
8<,
.<(9+()(5

4C:
*(9;(:
,5
3(
4(5.(e
9(
*(:0
0476:0)3,
+,46:;9(9
,3
*67,950*(50:f

46
(
7(9;09
+,
3(:
6):,9=(*065,:
(:;965P40*(:b
,:7,*0(34,5;,
*<(5+6

,:;()(
(
4(56
3(
(3;,95(;0=(
+,
9(/,e
5
:<:
,:-<,9A6:
769
5,<;9(30A(9

(
36:
+,-,5:69,:
+,
,:(
(3;,95(;0=(
:,
.(5P
3(
,5,40:;(+
+,
36:
1,:<0;(:b

36
8<,
+,)030;P
:<
76:0*0P5e
(303,6
9,.9,:P
+,
64(
(
369,5*0(
*9,f
@,5+6
8<,
76+K(
:,.<09
(9.<4,5;(5+6
,5
-(=69
+,3
*67,950*(50:46b

(<58<,
:05
*90;0*(9
,3
:0:;,4(
+,
6364,6e
<
67;040:46
,:;()(
,8<0=6*(+6b
(<58<,
:<:
7,9:7,*;0=(:
4,169(f
9(5
050*0(34,5;,
*<(5+6
,3
-369,5;056
(--,6
(9),9050
-<,
,3,.0+6

(7(
,5
’Ž
*65
,3
564)9,
+,
9)(56
 e
:;6
36
(504P
(
:,.<09

;9()(1(5+6
,5
<5
;9(;(+6
,5
,3
8<,
*647(9()(
36:
(9.<4,5;6:
(
-(=69
@

,5
*65;9(
+,3
/,306*,5;90:46e
3
9,:<3;(+6b
7<)30*(+6
,5
0;(30(56
,5

’Ž
*646
'*-%-
1-.0
'
"3#
+11'+'
1'12#+'
"#*
+-,"-
x,3
7;63,4(0*6

@
,3
*67,950*(56yb
,9(
<5(
6)9(
4(,:;9(e
,
79,:,5;()(
*646
<5
+,)(f
;,
(*(+H40*6
+<9(5;,
*<(;96
+K(:
,5;9,
;9,:
*63,.(:b
+6:
+,
36:
*<(3,:

79,:,5;()(5
(9.<4,5;6:
(
-(=69
@
,5
*65;9(b
769
4C:
8<,
(4)6:
7(9,f
*0,9(5
7,9:<(+0+6:
+,
3(
9,(30+(+
+,3
:0:;,4(
/,306*H5;90*6c
,3
;,9*,96

xr04730*06sy
,9(
,3
*/0=6
,?70(;6906
8<,
:,.<K(
*9,@,5+6
,5
36:
(5;0f
.<6:
(9.<4,5;6:
8<,
36:
6;96:
+6:
+,:465;()(5e
,16:
+,
:,9
r5,<f
;9(3sb
,3
+0C36.6
+,
(303,6
90+0*<30A()(
(
:<:
(+=,9:(906:
@
9)(f
56

7,5:P
8<,
;(4)0H5
36
+,1()(
(
H-,40:46
,5
90+K*<36e
:;6
,9(
,:7,*0(34,5;,
7,30.96:6
,5
;(30(
,5
’Že
9)(56


/()K(
7(:(+6
4<*/6
;0,476
*646
9,79,:,5;(5;,
+,3
(7(
,5
9(5*0(b

@
7,5:()(
8<,
,:,
7(K:
,9(
3(
T50*(
.(9(5;K(
*65;9(
,3
76+,9
+,
:7(N(

,5
;(30(
@
<967(c
7,96
,5
1<506
+,
’Œ
<,*0(b
(3,5;(+(
769
9(5*0(b

,5;9P
,5
3(
<,99(
+,
36:
9,05;(
N6:
@
’Ž
-<,
,3
(N6
+,3
;90<5-6

:<,*6e
0
9(5*0(
,9(
(30(+(
+,3
(7(b
,5;65*,:
;(4)0H5
36
,9(5
36:
796f
;,:;(5;,:e
9)(56

56
8<,9K(
,5;9(9
,5
*65-30*;6
*65
36:
.9(5+,:

+<8<,:
-369,5;056:b
7,96
,:;6:
T3;046:
:,
05*305()(5
769
36:
,:7(N63,:e

65
:<:
3,(3;(+,:
+0=0+0+(:b
,3
(7(
56
5,*,:0;()(
(
(303,6
*646
<5

5<,=6
;,4(
+,
+0:7<;(e
3
1<0*06
(
(303,6
769
/,9,1K(
x’y
(5;,
3(

58<0:0*0P5
964(5(
+06
3<.(9
(
<5(
:,5;,5*0(
:<:7,5+0+(e
<,
*65+,f
5(+6
(
r()1<9(9b
9,5<5*0(9
@
+,;,:;(9s
,3
/,306*,5;90:46
@
(
790:0P5
+,

769
=0+(
x*654<;(+(
769
,3
(99,:;6
+640*030(906yb
@
:<
+0C36.6
-<,
05f
*3<0+6
,5
,3
K5+0*,
+,
30)96:
796/0)0+6:e
 '
 ./-0$q)

'
-$./$)
<58<,
(303,6
-<,
:03,5*0(+6b
,3
+0C36.6
-<,
;9(+<*0+6
@
7<)30*(f
+6
,5
3(;K5
(3
569;,
+,
36:
37,:
.9(*0(:
(
36:
)<,56:
6-0*06:
+,
<5
796f
;,:;(5;,
-9(5*H:b
30,
06+(;0b
(40.6
+,
(303,6e
(4)0H5
*09*<3P

()<5+(5;,4,5;,
3(
-K:0*(
+,
(303,6
j'1!-01'
#
"'+-120''-,'
+2#+2'V

!)#
',2-0,-

"3#
,3-4#
1!'#,i#fR
7
*65
,33(
3(
=0:0P5
+,
<5
<50=,9:6
+6f
405(+6
769
r(?064(:s
4(;,4C;0*6:
():;9(*;6:
8<,
,?730*()(5
,3
4<5f
+6
9,(3b
.9(*0(:
(
<5
-9(03,
405690:;(
@
4(;,4C;0*6
+,
(9K:b
(9K5

,9:,55,e
8<,
:,
*65=09;0P
,5
*,5;96
+,
<5(
9,+
+,
(*(+H40*6:
@
(5;0f
*<(906:
7(9(
36:
8<,
3(
-036:6-K(
5(;<9(3
,9(
<5(
(3;,95(;0=(
(
3(:
+0=0f
:065,:
,5
,3
4<5+6
8<,
36:
96+,()(e
6:
4'023-1'
x3(
7(3()9(
:,
7<:6
+,

46+(
,5
3(
+H*(+(
+,
’Œy
;<=0,965
<5
04769;(5;,
7(7,3
*65:;9<*;0f
=6e
(
6),+0,5*0(
(
36:
76+,9,:
,?0:;,5;,:
76+K(
79,=(3,*,9
,5
3(
763K;0f
*(b
7,96
,5
*<,:;065,:
+,
-036:6-K(
5(;<9(3
,9(
+0-,9,5;,e
6:
'1!-01'
#
"'+-120''-,'
+2#+2'!&#
+,
(303,6
-<,965
7<)30*(f
+6:
,5
,0+,5
,5
’”
@
;9(+<*0+6:
(3
3(;K5
769
,9:,55,
(3
(N6
:0f
.<0,5;,e
9(
6;96
+0C36.6
,5;9,
;9,:
7,9:65(:b
:636
8<,
,:;C
=,A
,:;()(

,:*90;6
,5
<5
,:;036
8<,
040;()(
<5(
+0:*<:0P5
()0,9;(
,5;9,
:<:
796;(f
.650:;(:b
,:-69AC5+6:,
*(+(
<56
+,
,336:
769
(+,*<(9
36:
e
(?064(:
4(f
;,4C;0*6:
7967<,:;6:
(3
4<5+6
9,(3e
6:
;,4(:
,5
*<,:;0P5
,9(5
3(
9,f
:0:;,5*0(
+,
4(;,90(3,:
x3(
7904,9(
r5<,=(
*0,5*0(sy
@
,3
46=040,5;6

x3(
:,.<5+(ye
,96
,5
,3
;9(;(40,5;6
+,
,:;,
:,.<5+6
;,4(
:,
05;,9*(3(f
)(5
,?76:0*065,:
:6)9,
+0-,9,5;,:
;076:
+,
46=040,5;6e
(303,6
(-09f
4()(
8<,
,9(5
*<,:;065,:
:6)9,
3(:
8<,
/()K(
*,9;,A(d
8<,
,3
46=0f
40,5;6
,9(
<50-694,b
3(
(*,3,9(*0P5
796769*065(3
(3
*<(+9(+6
+,3

;0,476b
@
3(
;9(@,*;690(
+,
36:
796@,*;03,:
<5(
*<9=(
:04H;90*(e
(
4,f
*C50*(
+,
(303,6
*04,5;P
:<
*9,*0,5;,
9,7<;(*0P5e
9(
;(4)0H5
<5(

:,N(3
+,
3(
4(@69
9,:7,;()030+(+
+,3
:0:;,4(
*67,950*(56
@
+,3
*9,*0,5f
;,
(;9(*;0=6
+,
<5(
04(.,5
4,*C50*(
+,3
<50=,9:6e
(4)0H5
,5
’”
<5
*3H90.6
@
=09;<6:6
05.3H:b
6/5
03205:b
7<)30*P

&#
'1!-4#07
- $

-0*"
',
2&#
--,#
j *
"#1!3 0'+'#,2-
"#
3,
+3,"-
#,

*
*3,jb
<5(
7(96+0(
+,
<5(
6)9(
+,
(8<,3
40:46
(N6
+,
9(5*0:
6+f

>05b
&#
,
',
2&#
--,#b
*65
36
8<,
(3
40:46
;0,476
8<,
767<3(90A(f
)(
,3
*67,950*(50:46
05=,5;()(
,3
.H5,96
+,
3(
*0,5*0(f-0**0P5e
9,:

(N6:
+,:7<H:
03205:
73(.0P
6;9(
+,
3(:
6)9(:
+,
6+>05
,5
#0!307R
-0

2&#
#!0#2
,"
5'$2
#11#,%#0
x’  yb
46:;9(5+6
8<,
r<5
/64)9,
7<,+,

*64<50*(9
*65
790=(*0+(+
@
=,36*0+(+
:<:
7,5:(40,5;6€
<5
(40.6
:0f
;<(+6
(
*<(38<0,9
+0:;(5*0(se
9(
<5
;9(;(+6
:6)9,
3(
*0,5*0(
+,
3(
*907;6f
.9(-K(b
05;,9*(4)06
+,
:,N(3,:
,5
;0,99(
@
4(9b
;05;(:
:,*9,;(:b
3,*;<9(
+,

3(
4,5;,
@
<5
796@,*;6
+,
r*(9C*;,9
9,(3s
6
3,5.<(1,
*0,5;K-0*6
<50=,9:(3b
 *. -1$q)

'
/$ --
4
'*.
$ '*. 
8<,
+,:(99633(9K(
,5
6;9(
6)9(
7<)30*(+(
,5
’’”e
(:
76:0)030+(+,:
+,

8<,
36:
4'023-1'
7,94(5,*0,9(5
,5
*65;(*;6
5<5*(
/()K(
7(9,*0+6
4(@69b

7,:,
(
36:
,:-<,9A6:
769
(*(33(936:
+,
3(
.3,:0(
(;P30*(e
3
(90:;6;,30:46

56
,:;()(
4<,9;6b
7,96
,3
*65:,5:6
(90:;6;H30*6
:,
,:;()(
+,:46965(5+6b

:05
/(),9:,
(*3(9(+6
8<H
,9(
36
8<,
36
76+9K(
:<:;0;<09e
 
   
     
5
‘ŒŒ
r4,*C50*6s
8<,9K(
+,*09
*6:(:
79C*;0*(:
@
.,5;,
8<,
;9()(1()(

*65
:<:
4(56:e
<9(5;,
,3
:0.36
? = 0b
,5
*(4)06b
,3
;H94056
(+8<090P

<5(
9,:65(5*0(
+0:;05;(d
+,:*90)K(
;6+6
36
8<,
:,
76+K(
/(*,9
*65
4Cf
8<05(:e
:;6
:,
+,)0P
,5
7(9;,
(3
9,5(*040,5;6
+,
3(
4,*C50*(
+,
3(

5;0.U,+(+b
(:6*0(+(
,5
7(9;0*<3(9
*65
98<K4,+,:c
7,96
7905*07(3f
4,5;,
(
8<,
3(:
4C8<05(:
+,:,47,N()(5
<5
7(7,3
4(@69
,5
3(
=0+(
+,

3(
.,5;,e
(
4(8<05(90(
,5
*<,:;0P5
v 05:;9<4,5;6:
(:;965P40*6:
@

+,
5(=,.(*0P5b
)9T1<3(:b
(7(9(;6:
+,
:<7,9=0:0P5b
)64)(:
/0+9C<30*(:b

+0:76:0;0=6:
36.(9K;40*6:b
9,361,:b
3,5;,:b
4(7(:b
-69;0-0*(*065,:
@
(9f
4(:
+,
-<,.6v
9,8<,9K(5
*(:0
:0,479,
*C3*<36:
4(;,4C;0*6:
7(9(
:<

-()90*(*0P5
@
<:6b
(:K
*646
<5(
-694(*0P5
(+,*<(+(
7(9(
:<
*699,*;6

4(5,16
@
4(5;,5040,5;6e
(
4,*C50*(
:,
*65=09;0P
;(4)0H5
,5
<5(
=0:0P5
+,3
4<5+6e
6:
9,f
361,:b
769
,1,4736b
56
,9(5
7(9;0*<3(94,5;,
-0()3,:b
7,96
,9(5
(<;P4(;(:

8<,
:,9=K(5
*646
46+,36
+,3
<50=,9:6
r9,(+6
769
06:e
5
,3
5<,=6

9,361
7(9(
3(
*(;,+9(3
+,
:;9(:)<9.6b
*6473,;(+6
,5
‘“b
,3
+0:76:0;0=6

,:;()(
,5
,3
*9<*,96
4,90+065(3b
(
”
4,;96:
+,
(3;<9(e
96=0:;6
+,

<5
.36)6
*,3,:;,b
<5
(:;963()06
@
4,*(50:46:
(:;965P40*6:b
(:K
*646
<5

*(3,5+(906
;,99,:;9,b
,:;()(
+,:;05(+6
(
79,:,5;(9
3(:
+0=0:065,:
+,3

;0,476
+,:+,
:0.36:
(
405<;6:e
5
C5.,3
+()(
3(
=<,3;(
(
<5
9,361
+,

(9,5(
*(+(
*<(9;6
+,
/69(b
3(:
*<(;96
H76*(:
+,
3(
=0+(
7(:()(5
-9,5;,
(

3(
<,9;,
*(+(
/69(b
@
(
3(
T3;04(
/69(
+,
*(+(
+K(
(7(9,*K(
90:;6e
6:

46+,36:
73(5,;(906:
,4),33,*K(5
36:
.()05,;,:
+,
*<906:0+(+,:
+,
36:

.9(5+,:
(90:;P*9(;(:e
<(5,36
<990(56
7(:P
=,05;,
(N6:
+0:,N(5+6
<56

,5694,
7(9(
(936:
b
(7(:065(+6
769
36:
9,361,:e
:;()(
05*6473,;6
,5

,3
464,5;6
+,
3(
4<,9;,
+,3
,47,9(+69b
@
-<,
46+0-0*(+6
7(9(
;,5,9

,5
*<,5;(
3(
9,-694(
.9,.690(5(
+,3
*(3,5+(906e
5

‰
’
),9/(9+
(3f

+,>,05b
9,361,96
+,3
3(5+.9(=,
<033,946

+,
,::,f (::,3b
-()90*P

<5
9,361
(:;965P40*6
)(:(+6
,5
3(:
T3;04(:
;()3(:
73(5,;(90(:b
16:;
U9f
 q '
 ./-0$*)

'
-$./$)
.0b
(
8<0,5
,3
3(5+.9(=,
*65:0+,9()(
r<5
:,.<5+6
98<K4,+,:sb
*65-,*f
*065P
6;96
(39,+,+69
+,
’Œ
7(9(
,3
,47,9(+69
6+63-6
e
(30)9(+6

7(9(
,3
*(3,5+(906
.9,.690(56b
46:;9()(
3(:
-,:;0=0+(+,:
4C:
04769;(5;,:

:,.T5
,3
:(5;69(3
,
05*3<K(
+6:
,:-,9(:b
<5(
8<,
79,:,5;()(
<5
73(5,;(906

.,6*H5;90*6
@
3(
6;9(
*65
<56
/,306*H5;90*6e
,73,9
+,*K(
8<,
<5(
.,5,f
9(*0P5
76:;,9069
=(369(9K(
3(
6)9(
+,
U9.0
;(5;6
*646
3(:
705;<9(:
+,

<9,9Oe
5
<5
9,361
6-9,*0+6
(3
+<8<,
,+,90*6

+,
*/3,:>0.f 63:f

;,05
,5
’Ž
,:;()(5
.9()(+(:
,5
3(
*(1(
3(:
-0.<9(:
+,
67H950*6
@

@*/6
9(/,b
)(16
,3
8<,
:,
3,K(
VU^3'"
1'
1'!Y_
zj
8<H
:0
-<,9(
(:Ki{b

40,5;9(:
8<,
)(16
3(
+,
67H950*6
:,
76+K(
3,,9d
^'!
+-4#230
+3,"31_

xr:K
,:
*646
:,
4<,=,
,3
4<5+6sye
6:
6)1,;6:
4,*C50*6:
,9(5
<5
*64765,5;,
+,
3(:
9,3(*065,:
+,
<f
967(
*65
,3
9,:;6
+,3
4<5+6
@
,3
047<3:6
769<N(
90:;0(5+(+
.36)(3e
3

,47,9(+69
,5*(9.()(
79,*06:6:
9,361,:
(
36:
-()90*(5;,:
+,
<.:)<9.6

7(9(
9,.(3C9:,36:
(3
:<3;C5
6;64(56
*646
7(9;,
+,3
;90)<;6
(5<(3
8<,
2

+,)K(
+,:+,
‘”e
5
<5(
*(9;(
+,
‘‘Žb
9(5*0:*6
(=0,9
,:*90)K(
8<,

36:
40:065,96:
8<,
-<,9(5
(
(7P5
+,),9K(5
*65;(9
*65
)<,56:
*656*0f
40,5;6:
*0,5;K-0*6:b
7698<,
36:
1(765,:,:
,:;()(5
-(:*05(+6:
769
3(
05f
-694(*0P5
(:;965P40*(
@
.,6.9C-0*(d
r6:
(*6:(5
*65
79,.<5;(:
:6)9,

36:
46=040,5;6:
+,
3(:
,:-,9(:
*,3,:;,:b
,3
,*307:,
+,
:63b
3(:
-(:,:
*9,f
*0,5;,
@
+,*9,*0,5;,
+,
3(
3<5(
@
36:
69K.,5,:
+,3
(.<(b
50,=,b
33<=0(b

.9(50A6b
;9<,56:b
9,3C47(.6:
@
*64,;(:e
<,:;9(:
,?730*(*065,:
+,
,:(:b

*6:(:
;0,5,5
.9(5
05-3<,5*0(b
@
*65
,33(:
56:
.(5(46:
3(:
(34(:
+,
2e

.,5;,se
3
1,:<0;(
(;;,6
0**0b
(
8<0,5
+0,965
7,940:6
7(9(
7(:(9
<02

;0,476
,5
/(6f*/l05.b
(3
6,:;,
+,
(5;P5b
(;9(16
,5
‘
”
3(
(;,5*0P0

+,
36:
,:;<+06:6:
*/056:b
56
:636
769
(79,5+,9
:<
3,5.<(b
:056
769
3,:

6)1,;6:
*0,5;K-0*6:
8<,
33,=()(
*65:0.6e
5
‘
”
79,:,5;P
(3
.6),95(+69

<5(
*670(
+,
<5
4(7(
+,3
4<5+6b
(1<:;(+6
(
3(:
:,5:0)030+(+,:
*/05(:b
7

<5
9,361
+,
:63e
5
(N6:
76:;,9069,:
46:;9()(
,:-,9(:b
.36)6:
@
9,361,:

+,
:63
(
36:
4(5+(905,:
(5;,:
+,
765,9:,
(
,5:,N(9
*6:46.9(-K(b
4(;,f
4C;0*(:
@
-K:0*(
,5
(52K5
@
:,9
05=0;(+6
(
3(
*69;,
047,90(3
+,
,2K5
,5

’Œ‘e
(
-694(
+,
3(
;0,99(b
3(
,?0:;,5*0(
+,
36:
7636:b
,3
46=040,5;6
+,

3(:
,:;9,33(:
@
73(5,;(:
@
,3
<:6
+,
.36)6:
,9(5
(796=,*/(+6:
*646
!-
f

56*040,5;6:
*(70;(3,:d
r,+0(5;,
,336:v ,:*90)K(
0**0v
4<*/6:
*65f
-,:(965
zeee{
/6@
8<,
:<:
616:
:,
/()K(5
()0,9;6
(
*6:(:
4<@
:0.50-0*(;0f
=(:b
7(9(
3(:
8<,
(5;,:
,:;()(5
*0,.6:se
€
(
(5(36.K(
4,*C50*(
,9(
<5
3<.(9
*64T5
/(*0(
’ŒŒe
647(9(5f
+6
3(
*65-<:(
763K;0*(
+,
3(
H76*(
(
*640,5A6:
+,
3(
<,99(
+,
36:

9,05;(
N6:
*65
3(
,:;()030+(+
+,
36:
*0,36:b
,3
7(:;69
3<;,9(56
(3,435
 *. -1$q)

'
/$ --
4
'*.
$ '*. Ž’
6/(55,:
,@.,9
,:*90)K(
,5e
-0-*-%'3+
.-*'2'!3$,
x’ Ž yd
r<C5;6

4C:
:()06
,
05.,506:6
+,),
:,9
,:;,
(,:;96
zeee{
8<,
/(
*9,(+6
*65
:<

6450:*0,5*0(
;6+6
,3
-094(4,5;6
*,3,:;0(3
8<,
-<5*065(
*646
<5
9,f
361se
3
,:;<+06:6
/<.656;,
/03077,
<73,::0:
695(@
+,*K(d
r3
*0,f
36
,:
*646
3(
9(5
<,+(
+,
<5
,361sc
@
,3
(:;9P5646
6/(55,:
,f

73,9
+,*3(9()(d
r0
7967P:0;6
,:
46:;9(9
8<,
3(
4C8<05(
*,3,:;,
,:
zeee{

*646
<5
9,361se
6
8<,
*64,5AP
(
*(4)0(9
,5
;6956
(3
(N6
’ŒŒ
-<,
,3
.9(+6
,5

8<,
36:
(?064(:
4(;,4C;0*6:
6-9,*K(5
.,5,9(30A(*065,:
:6)9,
,3
4<5f
+6
9,(3
+,
46+6
8<,
:,
76+K(
79,+,*09
*P46
:,
0)(
(
*64769;(9
,:;,b

:0,479,
@
,5
*<(38<0,9
3<.(9e
3
*64769;(40,5;6
+,
36:
*<,976:
:<f
4,9.0+6:
,5
3K8<0+6:b
+,
36:
3K8<0+6:
,5
;<)6:b
+,
36:
7H5+<36:b
7(3(5f
*(:
)(16
;,5:0P5b
796@,*;03,:b
4(9;0336:
/0+9C<30*6:b
*<,9+(:b
6)1,;6:

3(5A(+6:
+,:+,
36
(3;6eee
(:
76:0)030+(+,:
:,
0)(5
/(*0,5+6
*(+(
=,A

4(@69,:e
5
’ ”
<5
16=,5
,5H
,:*(9;,:
:,
<50P
(3
,1H9*0;6
+,3
79K5f
*07,
+,
9(5.,
(*(47(+6
,5
9,+(b
,5
,3
3K40;,
*65
36:
(K:,:
(16:

,:7(N63,:b
7(9(
(79,5+,9
,3
(9;,
+,
3(
.<,99(e
33K
*656*0P
(3
-K:0*6b
4(f
;,4C;0*6
@
-03P:6-6
:((*
,,*24(5b
@
1<5;6:
;9(;(965
+,
9,:63=,9
796f
)3,4(:
-K:0*6:
<;030A(5+6
3(:
4(;,4C;0*(:e
 3
0.<(3
8<,
(303,6b
*<@(

6)9(
56
/()K(
:0+6
7<)30*(+(
;6+(=K(b
6);<=0,965
<5(
3,@
7(9(
+,:*90f
)09
3(
*(K+(
+,
36:
*<,976:e
(
r-K:0*(
4(;,4C;0*(s
+,
,,*24(5
05:70f
9P
0.<(34,5;,
(
6;96:
-03P:6-6:
5(;<9(3,:b
,5
7(9;0*<3(9
-9(5*,:,:e

<(5+6
,:*(9;,:
9,.9,:P
(
3(
,7T)30*(
5,,93(5+,:(
,5
’Ž”b
/()K(

;9(A(+6
@(
:<
6)1,;0=6d
j*P46
<;030A(9
<5
9(A65(40,5;6
:0403(9
(
3(

(730*(*0P5
+,
3(:
4(;,4C;0*(:
(
36:
796)3,4(:
-K:0*6:b
7(9(
,?730*(9

;6+6
36
*656*0+6
769
3(
4,5;,
/<4(5(i
64,5AP
,:*90)0,5+6
:<:
0+,(:
x@
:<,N6:y
,5
<5
*<(+,956
+,
56;(:

8<,
3,
+06
,,*24(5e
5963(+6
,5
,3
,1H9*0;6
8<,
(<90*06
+,
(::(<

33,=P
(
6/,40(
,5
’•b
,:*(9;,:
(56;()(
,5
,3
*<(+,956d
rŽŒ
+,
56f
=0,4)9,
+,
’  ” v ,
+,:*<)0,9;6
36:
-<5+(4,5;6:
+,
<5(
*0,5*0(
4(f
9(=0336:(se
3
:0:;,4(
*(9;,:0(56
:,
)(:()(
,5
<5(
4,;(-K:0*(
+,3
*656*0f
40,5;6
/<4(56b
8<,
(
:<
=,A
:6:;,5K(
:<
-K:0*(
4(;,4C;0*(
@
:<:
+,4C:

05;,5;6:
+,
,?730*(9
,3
*64769;(40,5;6
/<4(56e
9,K(
8<,
:<
4H;6+6

(:,.<9()(
3(
*,9;0+<4)9,
7698<,
)(:()(
,3
*656*040,5;6
5(;<9(3
:6)9,

<56:
76*6:
(?064(:
*<@(
*,9;,A(
76+K(
:,9
.(9(5;0A(+(
769
3(
05;<0*0P5b

;(5
,=0+,5;,4,5;,
*0,9;6:
*646
3(:
+,46:;9(*065,:
+,
3(
.,64,;9K(e
(:

+0:;05*065,:
(90:;6;H30*(:
:6)9,
7,:(+6
@
30.,96b
*(30,5;,
@
-9K6b
/T4,+6
@

:,*6
-<,965
)(990+(:e
(
5(;<9(3,A(
,9(
3(
4(;,90(c
@
3(
,:,5*0(
+,
3(
4(f
;,90(
,9(
3(
,?;,5:0P5b
:0,5+6
:<:
T50*(:
79670,+(+,:
3(:
+,90=(+(:
Ž’ '
 ./-0$q)

'
-$./$)
.,64H;90*(4,5;,
+,
:<
*65-0.<9(*0P5b
;(4(N6b
76:0*0P5
@
46=040,5;6e

<
-(46:6
!-%'2-
#0%-
13+
xr70,5:6b
3<,.6
,?0:;6sy
,9(
,3
4H;6+6
:6N(+6

*65
,3
8<,
,:*(9;,:
,:7,9()(
,:;()3,*,9
8<,
CU
05;,3,*;6
,?0:;K(b
(
7(9;09

+,
36
*<(3
:,
76+K(
796*,+,9
3P.0*(4,5;,
7(9(
+,46:;9(9
3(
,?0:;,5*0(
+,

06:b
3(:
9,.3(:
8<,
/()K(
+(+6
(
:<
<50=,9:6b
3(
,?0:;,5*0(
+,
3(
4(;,90(
@

3(
:63<*0P5
+,
36:
796)3,4(:
-K:0*6:
,5
,3
4<5+6
9,(3e
3()69(9
,3
:<,N6
,5
3(
-694(
+,
<5
;9(;(+6b
8<,
,:
36
8<,
7<)30*P

*646
'1!301-
"#*
+>2-"-
c'1!-301
"#
*
>2&-"#b
’“yb
,9(
4C:
-C*03

8<,
9,(30A(936b
7698<,
,:6
:0.50-0*()(
,:;<+0(9
,3
4<5+6
9,(3e
5
’Ž•

3,
+016
(
,9:,55,d
r<0,96
*64,5A(9
(
,:;<+0(9
(5(;64K(se
6*6:

4,:,:
+,:7<H:
,:*90)0Pd
r:;6@
,:;<+0(5+6
8<K40*(
@
(5(;64K(
:04<3f
;C5,(4,5;,c
*(+(
+K(
(79,5+6
(3.6
8<,
56
7<,+6
,5*65;9(9
,5
505.T5

30)96se
479,5+0P
:<:
79670(:
+0:,**065,:b
,:;<+0P
3(
-0:0636.K(
/<4(f
5(
@
(504(3b
,?7369P
3(
4,+0*05(
8<K40*(
@
3(
.,64,;9K(e
C:
8<,
<5

r4H;6+6s
+,
769
:K
*6473,;6b
,3
'1!-301
:,
*65=09;0P
,5
05;96+<**0P5
(

;9,:
,1,4736:
xP7;0*(b
4,;,69636.K(
@
.,64,;9K(y
+,
<5
,5-68<,
4,*(f

50*0:;(
+,3
4<5+6b
*<@(:
9(40-0*(*065,:
0)(
(
,?7369(9
,5
+0:;05;(:
7<f
)30*(*065,:
+<9(5;,
3(
+H*(+(
:0.<0,5;,e
9
6
8<,
,:*(9;,:
6-9,*K(
,9(
<5
46+,36
7(9(
<5
5<,=6
:0:;,4(f

4<5+6b
*65:;9<0+6
,5
;6956
(
3(:
3,@,:
+,3
46=040,5;6
@
,3
*/68<,e
<

-036:6-K(
4,*C50*(
,?0.K(
<5
<50=,9:6
56
(5;96764P9-0*6
@
3(
+0:76:0f
*0P5
(
*65:0+,9(9
,3
7(7,3
+,
06:
,5
3(
5(;<9(3,A(
*646
,3
+,
<5
9,36f
1,96
+0.56
+,
*65-0(5A(b
*,9*(56
(
:<
*9,(*0P5e
5(
04769;(5;,
*9K;0*(

+,3
:0:;,4(
+,
,:*(9;,:
,9(
,3
7(7,3
,5
H3
+,3
(34(
@
8<H
,:
36
8<,
3(

*65,*;()(
*65
,3
*<,976b
/()0,5+6
8<,+(+6
:,7(9(+6:
9(+0*(34,5;,
@(

8<,
36:
6)1,;6:
4(;,90(3,:
56
76+K(5
*65;,5,9
r:047(;K(:sb
r(9465K(:s

6
*<(30+(+,:
r6*<3;(:sb
0473(5;(+(:
,5
,33(:
769
06:e
(:
0+,(:
56
-69f
4()(5
7(9;,
+,
(8<,3
<50=,9:6e
:;()(5
,5
5<,:;9(:
*(),A(:
@
76+K(5

:,9
1<A.(+(:
*9K;0*(4,5;,
@
9,*/(A(+(:
:0
3(
9,(30+(+
3(:
*65;9(+,*K(e
3

<50=,9:6
,9(
<5
(<;P4(;(d
r (@
<5(
4C8<05(
4<5+0(3
4(;,90(3b
6
769

+,*0936
4C:
(
3(:
*3(9(:b
,3
4<5+6
,:
*646
<5(
4C8<05(
+,
4(;,90(se

<:
-9,*<,5;,:
9,-,9,5*0(:
(
r3(
4C8<05(
+,
5<,:;96
*<,976s
,9(5
+,30f
),9(+(:d
r 6
*0,9;6
,:
8<,
56
/(@
9,.3(:
,5
3(
4,*C50*(
8<,
56
7,9;,f
5,A*(5
;(4)0H5
(
3(
-K:0*(
z,:;6
,:b
(
3(
-0:0636.K({b
+,
3(
8<,
*65:;0;<@,5

<5
*(:6
,:7,*0(3d
;(5
5(;<9(3
,:
8<,
<5
9,361
*647<,:;6
+,
9<,+(:
+H
3(

/69(
*646
8<,
<5
C9)63
*9,A*(
(
7(9;09
+,
<5(
:,4033(
.(9(
796+<*09
,3

*699,:765+0,5;,
-9<;6se
<
*65=0**0P5
+,
8<,
3(:
3,@,:
+,
3(
4,*C50*(

:,
(730*()(5
0.<(34,5;,
(3
*<,976
/<4(56
:,
9,(-094P
;9(:
<5(
+0:*<f
:0P5
:6)9,
,3
-<5*065(40,5;6
+,3
*69(AP5b
*<(5+6
3(
+,46:;9(*0P5
+,
 *. -1$q)

'
/$ --
4
'*.
$ '*. Ž%y

0330(4
(9=,@
+,
3(
*09*<3(*0P5
+,
3(
:(5.9,
3,
796769*065P
3(
(5(36f
.K(
+,
<5(
)64)(
/0+9C<30*(
7(9(
,:,
P9.(56e
3
616
-694()(
7(9;,
+,
,:(
4C8<05(e
<:
+0:,**065,:
3,
/()K(5

46:;9(+6
:<
-0:0636.K(b
:<:
/()030+(+,:
.,64H;90*(:
,?730*()(5
:<
P7;0f
*(
@
3(:
3,@,:
+,
3(
-K:0*(
+,;,9405()(5
3(
5(;<9(3,A(
+,
3(
3<A
@
,3
*6369e

6+K(
,?730*(9
8<,
-<5*065()(
*646
<5(
*C4(9(
6:*<9(e
6
8<,
+,




/,*/6
r=,K(46:s
,5
5<,:;96
*,9,)96
56
:,
(:,4,1()(
(
3(
04(.,5
8<,

:,
-694()(
,5
3(
9,;05(e
3
*,9,)96
9,*0)K(
<5(
:,N(3
+,:*647<,:;(b
@

4,+0(5;,
,3
796*,:6
*6.50;0=6
3(
9,*65=,9;K(
,5
r=0:0P5se
:K
3(
=0:0P5

4,*C50*(
+,
,:*(9;,:
*69;6*09*<0;()(
,3
+,)(;,
:6)9,
3(
9,3(*0P5
,8<Kf

 

   
=6*(
,5;9,
=0:0P5
@
9,(30+(+b
/(*0,5+6
099,3,=(5;,
,3
,:*,7;0*0:46
:6f
)9,
36
8<,
76+K(46:
9,(34,5;,
*656*,9e
0
=,K(46:
465:;9<6:b
403(f
5
,3
*651<5;6
+,
3(
90:;0(5+(+
,3
*656*040,5;6
/()K(
:0+6
790=03,.06

.96:b
:<,N6:
@
(7(90*065,:b
,9(5
,3
9,:<3;(+6
+,
5<,:;96
796706
796*,:6

+,
<56:
76*6:c
:<
5(;<9(3,A(
8<,+()(
9,:;905.0+(
769
36
8<,
*65:;0;<K(

*6.50;0=6e
6
,?0:;K(5
-<,9(
+,
5<,:;9(:
*(),A(:e
6
8<,
*656*K(46:

3(
*0,5*0(b
@
:<
*09*<3(*0P5
769
36:
*09*<0;6:
790=03,.0(+6:
+,
:<
(+8<0:0f
*65
:,.<90+(+
,9(
,3
4<5+6
(
5<,:;96
(39,+,+69d
:<
*65-0.<9(*0P5b
;(f
*0P5
@
;9(5:40:0P5e
<9(5;,
,3
:0.36
21'
@
3(
7904,9(
40;(+
+,3

:,

4(N6b
,?;,5:0P5
@
46=040,5;6e
796+<16
<5(
,?7(5:0P5
+,
36
8<,
:,
*65:0+,9()(
*656*040,5;6b
+,
36:

(9(
/64(:
6)),:b
*65;,4769C5,6
+,
,:*(9;,:b
,3
,:;<+06

3<.(9,:
+65+,
76+K(
9,*6.,9:,
@
;9(5:40;09:,b
+,3
5T4,96
+,
36:
8<,

*0,5;K-0*6
+,
3(
P7;0*(
,9(
;(4)0H5
<5(
79,6*<7(*0P5
*,5;9(3b
@
:<
r=0f
76+K(5
(**,+,9
(
H3
@
+,3
C4)0;6
.,6.9C-0*6
769
,3
8<,
*09*<3()(e
(

:0P5
4,*C50*(s
,:;()(
,5
,3
5T*3,6
+,
:<
*65*,7*0P5
+,
3(
:6*0,+(+
/<f
P9)0;(
+,3
*656*040,5;6
:,
(4730Pe
5
3(:
05:;(3(*065,:
+,
05=,:;0.(f
4(5(e
(:()(
:<
-036:6-K(
:6*0(3
,5
36:
*65*,7;6:
7904(906:
+,3
46=0f
*0P5
+,
3(
3#4
2*:,2'"
x’Žy
+,
9(5*0:
(*65
;9()(1()(5
r4,9f
40,5;6
@
3(
4(;,90(e
646
,:*(9;,:b
9,*<99K(
(
36:
+,:*<)9040,5;6:
+,

*(+,9,:
+,
3(
3<Asb
*<@(
;(9,(
,9(
9,<509
r36:
30)96:
@
9,:T4,5,:
@
3(:

0330(4
(9=,@b
:0,5+6
3(
*09*<3(*0P5
+,
3(
:(5.9,
<5
r46=040,5;6
=0f
7(<;(:
+,
36:
,?7,904,5;6:s
+,
;6+6
,3
.36)6b
40,5;9(:
8<,
36:
r+,79,f
;(3sb
@
,3
*69(AP5
r<5(
70,A(
+,
4(8<05(90(
,5
3(
8<,
zeee{
<5(
9<,+(
*6f
+(+69,:s
36:
,?;9(K(5
+,
36:
30)96:
@
36:
r*64703(+69,:s
36:
*6;,1()(5
@

4<50*(
,3
46=040,5;6
(
6;9(se
3
:;(+6
56
,9(
@(
<5(
*64<50+(+
*65

*(:()(5e
:,
:<,N6
/()9K(
:0+6
0504(.05()3,
<5
:0.36
(5;,:e
<5
(34(c
,9(
<5
r/64)9,
(9;0-0*0(3s
*65
0~5
*69(AP5b
,?730*()3,
*646
<5

(
*64<50*(*0P5
+,3
*656*040,5;6
*(4)0P
*65
+0=,9:(:
0556=(f
+0:76:0;0=6
4,*C50*6e
6:
46=040,5;6:
8<,
*(<:()(5
3(:
(7(90*065,:
,5

*065,:b
(<58<,
9,3(*065(+(:
,5;9,
:Kb
,5
36:
=0(1,:b
36:
:,9=0*06:
76:;(f
36:
/<4(56:
0)(5
+,
36:
:,5;0+6:
(3
*,9,)96e
(
7,9*,7*0P5
*6.50;0=(
+,

3,:
@
3(
0479,5;(e
(:
05;,9(**065,:
4<;<(:
*9,(965
3(
05-9(,:;9<*;<9(

,336:
3(
9,*0)K(
,3
*69(AP5b
@
+,
(/K
56:
33,.()(5
3(:
:,5:(*065,:
+,
+6369

+,
3(
8<,
+,7,5+K(
,3
;9C-0*6
4,9*(5;03b
(
;9(=H:
+,
3(
*<(3
-3<K(
3(
05f
@
73(*,9
8<,
*65:;0;<K(5
3(:
-<,9A(:
46;90*,:
+,
3(
:6*0,+(+
/<4(5(e
;,30.,5*0(
+07364C;0*(
@
769
3(
8<,
:,
;9(5:40;K(5
3(:
56;0*0(:
769
;6+(

(
-(46:(
769;(+(
+,
:<
#4'2:,b
,5
3(
8<,
,3
.6),95(5;,
(7(9,*K(

<967(
@
4C:
(33Ce
(
9,7T)30*(
+,
3(:
3,;9(:
+,7,5+K(
+,
,:(
05-9(,:f
*646
04(.,5
*647<,:;(
769
;6+6:
:<:
:T)+0;6:b
3,
/()K(
:0+6
796)(f
;9<*;<9(e
:6:
*(4)06:
9,+,-050,965
36
8<,
,9(
36*(3
x,5
;H94056:
*<3;<f
)3,4,5;,
05:709(+(
769
<5
+0:76:0;0=6
P7;0*6
8<,
6)),:
/()K(
=0:;6

9(3,:yb
,?;9,4(5+6
3(
+0=0:0P5
,5;9,
36:
8<,
;,5K(5
(**,:6
(3
*656*0f
,5
(9K:
,5
3(
+H*(+(
+,
’Œe
,(5f9(5F60:
0*H965b
40,4)96
+,3

40,5;6
@
:()K(5
*P46
,473,(936b
@
36:
8<,
56e
*K9*<36
+,
,9:,55,b
/()K(
+0:,N(+6
<5(
3,5;,
7630.65(3
8<,
7,940;K(

(3,:
;,5:065,:
*<3;<9(3,:
/(5
:0+6
05;,979,;(+(:
*646
<5(
+0=0f
9,*64765,9b
(
7(9;09
+,
36:
9,;9(;6:
+,
‘
:<3;(5,:
6;64(56:b
<5(
04(f
:0P5
,5;9,
<5(
*<3;<9(
767<3(9
@
6;9(
,30;0:;(e
5
3(:
4 (3;,:
@
+,)(;,:

.,5
+,
<0:
 e
3
:;(+6
,9(
<5
*(3,0+6:*6706
+,
5<,:;9(
79670(

+,
36:
05:;9<0+6:b
,:(
+0:;(5*0(
*<3;<9(3
,?0:;K(
+,:+,
/(*K(
;0,476e
3

04(.05(*0P5e
6
8<,
4(5;,5K(
<50+6
,3
4<5+6
763K;0*6b
*646
,3
4<5f
+0()36
,?736;()(
3(
r:<7,9:;0*0P5s
+,
3(
.,5;,
0.569(5;,e
6:
047,9(f
+6
5(;<9(3
@
,3
<50=,9:6b
,9(5
3,@,:
047<,:;(:e
6+K(46:
/(*,9
+,
,33(:

;0=6:
+,
9,-694(
9,30.06:(
@
469(3
8<,
:0.<0,965
(
3(
,-694(
x@
(
3(
36
8<,
:,
56:
(5;61(9(e